Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 30, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000741516 | |
Entity Registrant Name | AMERICAN NATIONAL BANKSHARES INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-12820 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1284688 | |
Entity Address, Address Line One | 628 Main Street | |
Entity Address, City or Town | Danville | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 24541 | |
City Area Code | 434 | |
Local Phone Number | 792-5111 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AMNB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,964,320 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 44,607 | $ 32,505 |
Interest-bearing deposits in other banks | 206,998 | 47,077 |
Securities available for sale, at fair value | 322,523 | 379,195 |
Restricted stock, at cost | 8,694 | 8,630 |
Loans held for sale | 2,845 | 2,027 |
Loans, net of deferred fees and costs | 2,101,711 | 1,830,815 |
Less allowance for loan losses | (18,507) | (13,152) |
Net loans | 2,083,204 | 1,817,663 |
Premises and equipment, net | 39,571 | 39,848 |
Other real estate owned, net of valuation allowance | 984 | 1,308 |
Goodwill | 85,048 | 84,002 |
Core deposit intangibles, net | 6,884 | 7,728 |
Bank owned life insurance | 28,122 | 27,817 |
Other assets | 35,059 | 30,750 |
Total assets | 2,864,539 | 2,478,550 |
Liabilities | ||
Demand deposits -- noninterest bearing | 824,679 | 578,606 |
Demand deposits -- interest bearing | 406,322 | 328,015 |
Money market deposits | 562,061 | 504,651 |
Savings deposits | 200,518 | 177,505 |
Time deposits | 438,196 | 471,770 |
Total deposits | 2,431,776 | 2,060,547 |
Customer repurchase agreements | 46,296 | 40,475 |
Subordinated debt | 7,508 | 7,517 |
Junior subordinated debt | 28,080 | 28,029 |
Other liabilities | 23,446 | 21,724 |
Total liabilities | 2,537,106 | 2,158,292 |
Shareholders' equity | ||
Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, $1 par, 20,000,000 shares authorized, 10,964,320 shares outstanding at June 30, 2020 and 11,071,540 shares outstanding at December 31, 2019 | 10,911 | 11,019 |
Capital in excess of par value | 154,222 | 158,244 |
Retained earnings | 159,586 | 151,478 |
Accumulated other comprehensive income (loss), net | 2,714 | (483) |
Total shareholders' equity | 327,433 | 320,258 |
Total liabilities and shareholders' equity | $ 2,864,539 | $ 2,478,550 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Other real estate owned, valuation allowance | $ 407 | $ 153 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 10,964,320 | 11,071,540 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest and Dividend Income: | ||||
Interest and fees on loans | $ 21,379 | $ 22,629 | $ 42,700 | $ 38,267 |
Interest and dividends on securities: | ||||
Taxable | 1,646 | 1,980 | 3,683 | 3,801 |
Tax-exempt | 111 | 239 | 223 | 526 |
Dividends | 128 | 105 | 260 | 189 |
Other interest income | 33 | 258 | 297 | 524 |
Total interest and dividend income | 23,297 | 25,211 | 47,163 | 43,307 |
Interest Expense: | ||||
Interest on deposits | 2,478 | 3,520 | 5,790 | 5,992 |
Interest on short-term borrowings | 66 | 178 | 195 | 350 |
Interest on long-term borrowings | 0 | 14 | 0 | 14 |
Interest on subordinated debt | 123 | 122 | 245 | 122 |
Interest on junior subordinated debt | 370 | 388 | 754 | 772 |
Total interest expense | 3,037 | 4,222 | 6,984 | 7,250 |
Net Interest Income | 20,260 | 20,989 | 40,179 | 36,057 |
Provision for (recovery of) loan losses | 4,759 | (10) | 5,712 | 6 |
Net Interest Income After Provision for (Recovery of) Loan Losses | 15,501 | 20,999 | 34,467 | 36,051 |
Noninterest Income: | ||||
Securities gains, net | 0 | 147 | 814 | 470 |
Brokerage fees | 172 | 186 | 383 | 333 |
Income (loss) from Small Business Investment Companies | (119) | (137) | (64) | 31 |
Losses on premises and equipment, net | 0 | (87) | (82) | (87) |
Other | 444 | 315 | 718 | 506 |
Total noninterest income | 3,835 | 3,682 | 8,330 | 7,133 |
Noninterest Expense: | ||||
Salaries | 4,805 | 7,048 | 10,864 | 11,712 |
Employee benefits | 1,386 | 1,425 | 2,687 | 2,655 |
Occupancy and equipment | 1,327 | 1,431 | 2,693 | 2,515 |
FDIC assessment | 176 | 169 | 271 | 294 |
Bank franchise tax | 425 | 412 | 851 | 702 |
Core deposit intangible amortization | 417 | 458 | 844 | 513 |
Data processing | 785 | 717 | 1,548 | 1,249 |
Software | 403 | 321 | 759 | 645 |
Other real estate owned, net | 15 | (44) | 6 | (31) |
Merger related expenses | 0 | 10,871 | 0 | 11,322 |
Other | 2,693 | 3,508 | 5,243 | 5,669 |
Total noninterest expense | 12,432 | 26,316 | 25,766 | 37,245 |
Income (Loss) Before Income Taxes | 6,904 | (1,635) | 17,031 | 5,939 |
Income Tax Expense (Benefit) | 1,422 | (405) | 3,007 | 1,166 |
Net Income (Loss) | $ 5,482 | $ (1,230) | $ 14,024 | $ 4,773 |
Net Income (Loss) Per Common Share: | ||||
Basic (in dollars per share) | $ 0.50 | $ (0.11) | $ 1.28 | $ 0.48 |
Diluted (in dollars per share) | $ 0.50 | $ (0.11) | $ 1.28 | $ 0.48 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 10,959,545 | 11,126,800 | 10,992,365 | 9,942,566 |
Diluted (in shares) | 10,963,248 | 11,126,800 | 10,997,279 | 9,952,115 |
Fiduciary and Trust [Member] | ||||
Noninterest Income: | ||||
Noninterest Income | $ 953 | $ 933 | $ 1,965 | $ 1,847 |
Deposit Account [Member] | ||||
Noninterest Income: | ||||
Noninterest Income | 541 | 724 | 1,262 | 1,318 |
Financial Service, Other [Member] | ||||
Noninterest Income: | ||||
Noninterest Income | 951 | 1,015 | 1,892 | 1,723 |
Mortgage Banking [Member] | ||||
Noninterest Income: | ||||
Noninterest Income | $ 893 | $ 586 | $ 1,442 | $ 992 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income (loss) | $ 5,482 | $ (1,230) | $ 14,024 | $ 4,773 |
Unrealized gains on securities available for sale | 1,659 | 4,106 | 7,848 | 8,075 |
Tax effect | (358) | (920) | (1,694) | (1,809) |
Reclassification adjustment for gains on sales or calls of securities available for sale | 0 | (136) | (814) | (140) |
Tax effect | 0 | 31 | 176 | 32 |
Unrealized losses on cash flow hedges | (129) | (1,086) | (2,958) | (1,811) |
Tax effect | 28 | 243 | 639 | 405 |
Other comprehensive income | 1,200 | 2,238 | 3,197 | 4,752 |
Comprehensive income | $ 6,682 | $ 1,008 | $ 17,221 | $ 9,525 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income (loss) | $ 5,482 | $ (1,230) | $ 14,024 | $ 4,773 |
Unrealized gains on securities available for sale | 1,659 | 4,106 | 7,848 | 8,075 |
Tax effect | (358) | (920) | (1,694) | (1,809) |
Reclassification adjustment for gains on sales or calls of securities available for sale | 0 | (136) | (814) | (140) |
Tax effect | 0 | 31 | 176 | 32 |
Unrealized losses on cash flow hedges | (129) | (1,086) | (2,958) | (1,811) |
Tax effect | 28 | 243 | 639 | 405 |
Other comprehensive income | 1,200 | 2,238 | 3,197 | 4,752 |
Comprehensive income | $ 6,682 | $ 1,008 | $ 17,221 | $ 9,525 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2018 | $ 8,668 | $ 78,172 | $ 141,537 | $ (5,835) | $ 222,542 |
Net income (loss) | 0 | 0 | 4,773 | 0 | 4,773 |
Other comprehensive income | 0 | 0 | 0 | 4,752 | 4,752 |
Issuance of common stock for acquisition | 2,362 | 80,108 | 0 | 0 | 82,470 |
Issuance of replacement options/restricted stock | 0 | 870 | 0 | 0 | 870 |
Stock options exercised | 30 | 548 | 0 | 0 | 578 |
Equity based compensation | 9 | 894 | 0 | 0 | 903 |
Cash dividends paid | 0 | 0 | (4,971) | 0 | (4,971) |
Vesting of restricted stock | 20 | (20) | 0 | 0 | 0 |
Balance at Jun. 30, 2019 | 11,089 | 160,572 | 141,339 | (1,083) | 311,917 |
Balance at Mar. 31, 2019 | 8,705 | 78,738 | 145,351 | (3,321) | 229,473 |
Net income (loss) | 0 | 0 | (1,230) | 0 | (1,230) |
Other comprehensive income | 0 | 0 | 0 | 2,238 | 2,238 |
Issuance of common stock for acquisition | 2,362 | 80,108 | 0 | 0 | 82,470 |
Issuance of replacement options/restricted stock | 0 | 870 | 0 | 0 | 870 |
Stock options exercised | 17 | 271 | 0 | 0 | 288 |
Equity based compensation | 5 | 585 | 0 | 0 | 590 |
Cash dividends paid | 0 | 0 | (2,782) | 0 | (2,782) |
Balance at Jun. 30, 2019 | 11,089 | 160,572 | 141,339 | (1,083) | 311,917 |
Balance at Dec. 31, 2019 | 11,019 | 158,244 | 151,478 | (483) | 320,258 |
Net income (loss) | 0 | 0 | 14,024 | 0 | 14,024 |
Other comprehensive income | 0 | 0 | 0 | 3,197 | 3,197 |
Stock options exercised | 2 | 28 | 0 | 0 | 30 |
Equity based compensation | 13 | 808 | 0 | 0 | 821 |
Cash dividends paid | 0 | 0 | (5,916) | 0 | (5,916) |
Vesting of restricted stock | 18 | (18) | 0 | 0 | 0 |
Stock repurchased | (141) | (4,840) | 0 | 0 | (4,981) |
Balance at Jun. 30, 2020 | 10,911 | 154,222 | 159,586 | 2,714 | 327,433 |
Balance at Mar. 31, 2020 | 10,898 | 153,817 | 157,064 | 1,514 | 323,293 |
Net income (loss) | 0 | 0 | 5,482 | 0 | 5,482 |
Other comprehensive income | 0 | 0 | 0 | 1,200 | 1,200 |
Stock options exercised | 0 | 1 | 0 | 0 | 1 |
Equity based compensation | 7 | 410 | 0 | 0 | 417 |
Cash dividends paid | 0 | 0 | (2,960) | 0 | (2,960) |
Vesting of restricted stock | 6 | (6) | 0 | 0 | 0 |
Balance at Jun. 30, 2020 | $ 10,911 | $ 154,222 | $ 159,586 | $ 2,714 | $ 327,433 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Issuance of common stock for acquisition, shares (in shares) | 2,361,686 | 2,361,686 | ||
Stock options exercised, shares (in shares) | 50 | 17,330 | 1,793 | 30,530 |
Equity based compensation, shares (in shares) | 6,768 | 5,770 | 31,513 | 28,802 |
Cash dividends paid, per share (in dollars per share) | $ 0.27 | $ 0.25 | $ 0.54 | $ 0.50 |
Vesting of restricted stock, shares (in shares) | 5,296 | 17,541 | 20,285 | |
Stock repurchased, shares (in shares) | 140,526 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | |||||
Net income | $ 5,482,000 | $ (1,230,000) | $ 14,024,000 | $ 4,773,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provision for loan losses | 4,759,000 | (10,000) | 5,712,000 | 6,000 | $ 456,000 |
Depreciation | 1,045,000 | 958,000 | |||
Net accretion of acquisition accounting adjustments | (1,759,000) | (1,373,000) | |||
Core deposit intangible amortization | 417,000 | 458,000 | 844,000 | 513,000 | |
Net amortization of securities | 520,000 | 613,000 | |||
Net gain on sale or call of securities available for sale | (814,000) | (140,000) | |||
Net change in fair value of equity securities | 0 | (330,000) | |||
Gain on sale of loans held for sale | (1,442,000) | (992,000) | |||
Proceeds from sales of loans held for sale | 67,529,000 | 41,962,000 | |||
Originations of loans held for sale | (66,905,000) | (43,495,000) | |||
Net gain on other real estate owned | (27,000) | (134,000) | |||
Valuation allowance on other real estate owned | 0 | 56,000 | |||
Net loss on sale or disposal of premises and equipment | 0 | 87,000 | 82,000 | 87,000 | |
Equity based compensation expense | 821,000 | 903,000 | |||
Earnings on bank owned life insurance | (305,000) | (264,000) | |||
Deferred income tax expense | 242,000 | 222,000 | |||
Net change in other assets | (5,430,000) | 9,109,000 | |||
Net change in other liabilities | (1,508,000) | (2,118,000) | |||
Net cash provided by operating activities | 12,629,000 | 10,356,000 | |||
Cash Flows from Investing Activities: | |||||
Proceeds from sales of equity securities | 0 | 317,000 | |||
Proceeds from sales of securities available for sale | 0 | 29,878,000 | 5,811,000 | 29,878,000 | |
Proceeds from maturities, calls and paydowns of securities available for sale | 143,590,000 | 38,817,000 | |||
Purchases of securities available for sale | (85,401,000) | (26,312,000) | |||
Net change in restricted stock | (64,000) | 39,000 | |||
Net increase in loans | (269,619,000) | (33,371,000) | |||
Purchases of premises and equipment | (463,000) | (906,000) | (1,370,000) | (1,299,000) | |
Proceeds from sales of other real estate owned | 144,000 | 1,137,000 | |||
Cash paid in bank acquisition | 0 | (27,000) | |||
Cash acquired in bank acquisition | 0 | 26,283,000 | |||
Net cash provided by (used in) investing activities | (206,909,000) | 35,462,000 | |||
Cash Flows from Financing Activities: | |||||
Net change in demand, money market, and savings deposits | 404,803,000 | (36,239,000) | |||
Net change in time deposits | (33,454,000) | (14,373,000) | |||
Net change in customer repurchase agreements | 5,821,000 | 1,979,000 | |||
Net change in other short-term borrowings | 0 | (1,355,000) | |||
Net change in long-term borrowings | 0 | (778,000) | |||
Common stock dividends paid | (5,916,000) | (4,971,000) | |||
Repurchase of common stock | (4,981,000) | 0 | |||
Proceeds from exercise of stock options | 30,000 | 578,000 | |||
Net cash provided by (used in) financing activities | 366,303,000 | (55,159,000) | |||
Net Increase (Decrease) in Cash and Cash Equivalents | 172,023,000 | (9,341,000) | |||
Cash and Cash Equivalents at Beginning of Period | 79,582,000 | 64,255,000 | 64,255,000 | ||
Cash and Cash Equivalents at End of Period | $ 251,605,000 | $ 54,914,000 | $ 251,605,000 | $ 54,914,000 | $ 79,582,000 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 The consolidated financial statements include the accounts of American National Bankshares Inc. (NASDAQ: AMNB) (the "Company") and its wholly owned subsidiary, American National Bank and Trust Company (the "Bank"). The Company is a multi-state bank holding company headquartered in Danville, Virginia. The Bank is a community bank organization serving Virginia and North Carolina with 26 banking offices. In addition to traditional retail, commercial and mortgage offerings, the Bank also provides trust and investment services through its Trust and Investment Services Division. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangible assets, other-than-temporary impairment of securities, accounting for merger and acquisition activity, accounting for acquired loans with specific credit-related deterioration, and the valuation of deferred tax assets and liabilities. The novel coronavirus (“COVID- 19” first 2020 March 13, 2020, 19 March 2020, may may may may In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the results of the interim periods. The results of operations for the interim periods are not may 10 December 31, 2019 Recently Adopted Accounting Developments In January 2017, 2017 04, 350 2017 04 first two 2, 2017 04 January 1, 2020. 2017 04 not In August 2018, 2018 13, 820 2018 13 3 may 3 820 2018 13 January 1, 2020. 2018 13 not In March 2020 April 2020), 19 may 19. six not March 27, 2020. 4013 19 19 December 31, 2019 not June 30, 2020, August 1, 2020, three The CARES Act included an allocation of $659 1.00% two $2 five not first six 100% 1% 5%, April 3, 2020. August 1, 2020, Recent Accounting Pronouncements and other Authoritative Accounting Guidance In June 2016, 2016 13, 326 2016 13 326, 2019 04, 2019 05, 2019 10, 2019 11, 2020 02, 2020 03. not December 15, 2022. In August 2018, 2018 14, 715 20 715 20 50 3, December 15, 2020. 2018 14 Effective November 25, 2019, 119. 119 326, 1 2 3 4 In December 2019, 2019 12, 740 740 December 15, 2020, 2019 12 In January 2020, 2020 01, 321 323 815 321, 323, 815." 2016 01 December 15, 2020, not 2020 01 In March 2020, 2020 04 848 March 12, 2020 December 31, 2022. 2020 04 On March 12, 2020, April 27, 2020. first 404 $75 $700 second $700 $100 $100 10 not $100 $100 not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2 On April 1, 2019, The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one 350, Consideration Paid: Common shares issued ( 2,361,686 $ 82,470 Issuance of replacement stock options/restricted stock 753 Cash paid in lieu of fractional shares 27 Value of consideration 83,250 Assets acquired: Cash and cash equivalents 26,283 Investment securities 34,876 Restricted stock 2,588 Loans 444,324 Premises and equipment 12,034 Deferred income taxes 2,960 Core deposit intangible 8,200 Other real estate owned 1,188 Bank owned life insurance 8,246 Other assets 14,244 Total assets 554,943 Liabilities assumed: Deposits 483,626 Short-term FHLB advances 14,883 Long-term FHLB advances 778 Subordinated debt 7,530 Other liabilities 6,052 Total liabilities 512,869 Net assets acquired 42,074 Goodwill resulting from merger with HomeTown $ 41,176 The following table details the changes in fair value of net assets acquired and liabilities assumed from the amounts reported in the Form 10 December 31, 2019 ( Goodwill at December 31, 2019 $ 40,130 Effect of adjustments to: Premises and equipment 520 Other real estate owned 254 Other liabilities 272 Goodwill at June 30, 2020 $ 41,176 The increase in goodwill made during the first 2020 The acquired loans were recorded at fair value at the acquisition date without carryover of HomeTown's previously established allowance for loan losses. The fair value of the loans was determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and leases and then applying a market-based discount rate to those cash flows. In this regard, the acquired loans were segregated into pools based on loan type and credit risk. Loan type was determined based on collateral type, purpose, and lien position. Credit risk characteristics included risk rating groups (pass rated loans and adversely classified loans), and past due status. For valuation purposes, these pools were further disaggregated by maturity, pricing characteristics (e.g., fixed-rate, adjustable-rate) and re-payment structure (e.g., interest only, fully amortizing, balloon). Fair values determined at the acquisition date were preliminary and subject to refinement during the one The acquired loans were divided into loans with evidence of credit quality deterioration, which are accounted for under ASC 310 30, not 310 20, The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands): Contractually required principal and interest at acquisition $ 45,551 Contractual cash flows not expected to be collected (nonaccretable difference) 8,296 Expected cash flows at acquisition 37,255 Interest component of expected cash flows (accretable yield) 4,410 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 32,845 Direct costs related to the HomeTown acquisition were expensed as incurred. There were no merger related expenses during the six June 30, 2020 six June 30, 2019 The following table presents unaudited pro forma information as if the acquisition of HomeTown had occurred on January 1, 2018. not January 1, 2018. no not January 1, 2018. 2019 not Unaudited Pro forma Three Months Ended June 30, 2019 Total revenues (1) $ 24,671 Net income 7,506 Unaudited Pro forma Six Months Ended June 30, 2019 Total revenues (1) $ 45,768 Net income 13,382 __________________________ ( 1 |
Note 3 - Securities
Note 3 - Securities | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 The amortized cost and fair value of investments in debt securities at June 30, 2020 June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Securities available for sale: U.S. Treasury $ 9,998 $ — $ — $ 9,998 Federal agencies and GSEs 51,382 2,088 32 53,438 Mortgage-backed and CMOs 193,961 6,988 30 200,919 State and municipal 44,935 1,751 6 46,680 Corporate 11,512 44 68 11,488 Total securities available for sale $ 311,788 $ 10,871 $ 136 $ 322,523 The Company had no remaining equity securities at June 30, 2020 June 30, 2019 first six 2019 2019 six The amortized cost and fair value of investments in debt securities at December 31, 2019 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Securities available for sale: U.S. Treasury $ 14,992 $ — $ 5 $ 14,987 Federal agencies and GSEs 126,829 1,504 219 128,114 Mortgage-backed and CMOs 182,732 1,901 393 184,240 State and municipal 41,427 769 42 42,154 Corporate 9,514 186 — 9,700 Total securities available for sale $ 375,494 $ 4,360 $ 659 $ 379,195 Restricted Stock Due to restrictions placed upon the Bank's common stock investment in the Federal Reserve Bank of Richmond ("FRB") and Federal Home Loan Bank of Atlanta ("FHLB"), these securities have been classified as restricted equity securities and carried at cost. The restricted securities are not June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 FRB stock $ 6,437 $ 6,415 FHLB stock 2,257 2,215 Total restricted stock $ 8,694 $ 8,630 Temporarily Impaired Securities The following table shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2020 twelve Available for sale securities that have been in a continuous unrealized loss position, at June 30, 2020 Total Less than 12 Months 12 Months or More Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury $ 9,998 $ — $ 9,998 $ — $ — $ — Federal agencies and GSEs 14,468 32 13,013 7 1,455 25 Mortgage-backed and CMOs 9,652 30 9,652 30 — — State and municipal 1,352 6 1,352 6 — — Corporate 8,631 68 — — 8,631 68 Total $ 44,101 $ 136 $ 34,015 $ 43 $ 10,086 $ 93 U.S. Treasury: one not not not not not may not June 30, 2020 Federal agencies and GSEs: Twelve 12 not not not not may not June 30, 2020 Mortgage-backed securities: None 12 not not not not not may not June 30, 2020 Collateralized Mortgage Obligations: not not not not not may not June 30, 2020 State and municipal securities: not not not not may not June 30, 2020 Corporate securities: not not not not not not may not June 30, 2020 Restricted stock: not June 30, 2020 no The table below shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2019 Total Less than 12 Months 12 Months or More Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury $ 14,987 $ 5 $ 14,987 $ 5 $ — $ — Federal agencies and GSEs 69,095 219 31,779 44 37,316 175 Mortgage-backed and CMOs 89,391 393 66,324 266 23,067 127 State and municipal 4,262 42 3,108 37 1,154 5 Total $ 177,735 $ 659 $ 116,198 $ 352 $ 61,537 $ 307 Other-Than-Temporarily-Impaired Securities As of June 30, 2020 December 31, 2019 Realized Gains and Losses The following table presents the gross realized gains and losses on, and the proceeds from the sale of, securities available for sale during the three six June 30, 2020 2019 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Realized gains (losses): Gross realized gains $ — $ 814 Gross realized losses — — Net realized gains $ — $ 814 Proceeds from sales of securities $ — $ 5,811 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Realized gains (losses): Gross realized gains $ 190 $ 194 Gross realized losses (54 ) (54 ) Net realized gains $ 136 $ 140 Proceeds from sales of securities $ 29,878 $ 29,878 |
Note 4 - Loans
Note 4 - Loans | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 Loans, excluding loans held for sale, at June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Commercial $ 566,859 $ 339,077 Commercial real estate: Construction and land development 141,392 137,920 Commercial real estate 978,768 899,199 Residential real estate: Residential 291,242 324,315 Home equity 114,397 119,423 Consumer 9,053 10,881 Total loans $ 2,101,711 $ 1,830,815 Acquired Loans The outstanding principal balance and the carrying amount of these loans, including loans accounted for under ASC 310 30, June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Outstanding principal balance $ 316,531 $ 393,618 Carrying amount 301,811 377,130 The outstanding principal balance and related carrying amount of purchased credit impaired loans, for which the Company applies ASC 310 30 June 30, 2020 December 31, 2019 Outstanding principal balance $ 48,457 $ 53,600 Carrying amount 38,374 43,028 The following table presents changes in the accretable yield on acquired impaired loans, for which the Company applies ASC 310 30, six June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Balance at January 1 $ 7,893 $ 4,633 Additions from merger with HomeTown — 4,410 Accretion (1,696 ) (3,304 ) Reclassification from nonaccretable difference 1,730 736 Other changes, net* 151 1,418 $ 8,078 $ 7,893 * This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate acquired impaired loans, and discounted payoffs that occurred in the period. Past Due Loans The following table shows an analysis by portfolio segment of the Company's past due loans at June 30, 2020 30- 59 Days Past Due 60-89 Days Past Due 90 Days + Past Due and Still Accruing Non Accrual Loans Total Past Due Current Total Loans Commercial $ 19 $ — $ 13 $ 260 $ 292 $ 566,567 $ 566,859 Commercial real estate: Construction and land development — — — 8 8 141,384 141,392 Commercial real estate — 88 212 1,662 1,962 976,806 978,768 Residential: Residential 202 250 125 750 1,327 289,915 291,242 Home equity 340 — 25 174 539 113,858 114,397 Consumer 23 5 — 1 29 9,024 9,053 Total $ 584 $ 343 $ 375 $ 2,855 $ 4,157 $ 2,097,554 $ 2,101,711 The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2019 30- 59 Days Past Due 60-89 Days Past Due 90 Days + Past Due and Still Accruing Non Accrual Loans Total Past Due Current Total Loans Commercial $ 325 $ 163 $ 52 $ 857 $ 1,397 $ 337,680 $ 339,077 Commercial real estate: Construction and land development 58 — — 11 69 137,851 137,920 Commercial real estate 217 434 — 274 925 898,274 899,199 Residential: Residential 639 260 282 685 1,866 322,449 324,315 Home equity 49 90 27 113 279 119,144 119,423 Consumer 73 13 — 4 90 10,791 10,881 Total $ 1,361 $ 960 $ 361 $ 1,944 $ 4,626 $ 1,826,189 $ 1,830,815 Impaired Loans The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at June 30, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ — $ — $ — $ 33 $ 1 Commercial real estate: Construction and land development — — — — — Commercial real estate 1,620 1,617 — 866 53 Residential: Residential 900 908 — 821 22 Home equity 43 43 — 41 3 Consumer — — — — — $ 2,563 $ 2,568 $ — $ 1,761 $ 79 With a related allowance recorded: Commercial $ 149 $ 144 $ 122 $ 574 $ 13 Commercial real estate: Construction and land development — — — — — Commercial real estate 259 259 138 173 8 Residential Residential 248 248 26 251 6 Home equity — — — — — Consumer — — — — — $ 656 $ 651 $ 286 $ 998 $ 27 Total: Commercial $ 149 $ 144 $ 122 $ 607 $ 14 Commercial real estate: Construction and land development — — — — — Commercial real estate 1,879 1,876 138 1,039 61 Residential: Residential 1,148 1,156 26 1,072 28 Home equity 43 43 — 41 3 Consumer — — — — — $ 3,219 $ 3,219 $ 286 $ 2,759 $ 106 In the table above, recorded investment may The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 49 $ 49 $ — $ 16 $ 5 Commercial real estate: Construction and land development — — — — — Commercial real estate 502 500 — 424 39 Residential: Residential 611 612 — 652 38 Home equity 41 41 — 45 6 Consumer — — — — — $ 1,203 $ 1,202 $ — $ 1,137 $ 88 With a related allowance recorded: Commercial $ 735 $ 730 $ 204 $ 191 $ 41 Commercial real estate: Construction and land development — — — — — Commercial real estate — — — — — Residential: Residential 254 254 26 225 16 Home equity — — — — — Consumer — — — — — $ 989 $ 984 $ 230 $ 416 $ 57 Total: Commercial $ 784 $ 779 $ 204 $ 207 $ 46 Commercial real estate: Construction and land development — — — — — Commercial real estate 502 500 — 424 39 Residential: Residential 865 866 26 877 54 Home equity 41 41 — 45 6 Consumer — — — — — $ 2,192 $ 2,186 $ 230 $ 1,553 $ 145 In the table above, recorded investment may During the three June 30, 2020 three two two six first 2020. one three six June 30, 2019 During the six June 30, 2020 one 12 six June 30, 2019 12 one 90 On March 20, 2020, may 19. six not March 27, 2020. 4013 19 19 December 31, 2019 not June 30, 2020, August 1, 2020, three The CARES Act included an allocation of $659 1.00% two $2 five not first six 100% 1% 5%, April 3, 2020. August 1 2020, The loan portfolio consists primarily of commercial and residential real estate loans, commercial loans to small and medium-sized businesses, construction and land development loans, and home equity loans. At June 30, 2020, Residential Real Estate in Process of Foreclosure The Company had $149,000 and $161,000 in residential real estate loans in the process of foreclosure at June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Risk Grades The following tables show the Company's loan portfolio broken down by internal risk grading as of June 30, 2020 Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Real Estate Other Residential Home Equity Pass $ 559,180 $ 135,124 $ 942,737 $ 283,239 $ 113,882 Special Mention 6,604 3,014 16,370 4,586 — Substandard 1,025 3,254 19,661 3,417 515 Doubtful 50 — — — — Total $ 566,859 $ 141,392 $ 978,768 $ 291,242 $ 114,397 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 9,052 Nonperforming 1 Total $ 9,053 The following tables show the Company's loan portfolio broken down by internal risk grading as of December 31, 2019 Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Real Estate Other Residential Home Equity Pass $ 328,488 $ 130,694 $ 860,615 $ 316,454 $ 118,960 Special Mention 8,710 4,133 22,117 4,370 — Substandard 1,144 3,093 16,467 3,491 463 Doubtful 735 — — — — Total $ 339,077 $ 137,920 $ 899,199 $ 324,315 $ 119,423 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 10,877 Nonperforming 4 Total $ 10,881 Loans classified in the Pass category typically are fundamentally sound, and risk factors are reasonable and acceptable. Loans classified in the Special Mention category typically have been criticized internally, by loan review or the loan officer, or by external regulators under the current credit policy regarding risk grades. Loans classified in the Substandard category typically have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are typically characterized by the possibility that the Bank will sustain some loss if the deficiencies are not Loans classified in the Doubtful category typically have all the weaknesses inherent in loans classified as substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not may may Consumer loans are classified as performing or nonperforming. A loan is nonperforming when payments of interest and principal are past due 90 |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 5 Changes in the allowance for loan losses and the reserve for unfunded lending commitments at and for the indicated dates and periods are presented below (dollars in thousands): Six Months Ended June 30, 2020 Year Ended December 31, 2019 Six Months Ended June 30, 2019 Allowance for Loan Losses Balance, beginning of period $ 13,152 $ 12,805 $ 12,805 Provision for loan losses 5,712 456 6 Charge-offs (549 ) (333 ) (123 ) Recoveries 192 224 98 Balance, end of period $ 18,507 $ 13,152 $ 12,786 Reserve for Unfunded Lending Commitments Balance, beginning of period $ 329 $ 217 $ 217 Provision for unfunded commitments 12 112 99 Balance, end of period $ 341 $ 329 $ 316 The reserve for unfunded loan commitments is included in other liabilities. The following table presents changes in the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment at and for the six June 30, 2020 Commercial Commercial Real Estate Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2019 $ 2,657 $ 7,416 $ 3,023 $ 56 $ 13,152 Provision for loan losses 967 3,783 942 20 5,712 Charge-offs (411 ) — (62 ) (76 ) (549 ) Recoveries 26 58 33 75 192 Balance at June 30, 2020 $ 3,239 $ 11,257 $ 3,936 $ 75 $ 18,507 Balance at June 30, 2020: Allowance for Loan Losses Individually evaluated for impairment $ 122 $ 138 $ 26 $ — $ 286 Collectively evaluated for impairment 3,097 11,092 3,705 75 17,969 Acquired impaired loans 20 27 205 — 252 Total $ 3,239 $ 11,257 $ 3,936 $ 75 $ 18,507 Loans Individually evaluated for impairment $ 149 $ 1,879 $ 1,191 $ — $ 3,219 Collectively evaluated for impairment 566,162 1,088,707 396,211 9,038 2,060,118 Acquired impaired loans 548 29,574 8,237 15 38,374 Total $ 566,859 $ 1,120,160 $ 405,639 $ 9,053 $ 2,101,711 The following table presents changes in the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment at and for the year ended December 31, 2019 Commercial Commercial Real Estate Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2018 $ 2,537 $ 7,246 $ 2,977 $ 45 $ 12,805 Provision for loan losses 119 167 58 112 456 Charge-offs (12 ) (6 ) (70 ) (245 ) (333 ) Recoveries 13 9 58 144 224 Balance at December 31, 2019 $ 2,657 $ 7,416 $ 3,023 $ 56 $ 13,152 Balance at December 31, 2019: Allowance for Loan Losses Individually evaluated for impairment $ 204 $ — $ 26 $ — $ 230 Collectively evaluated for impairment 2,448 7,386 2,794 56 12,684 Acquired impaired loans 5 30 203 — 238 Total $ 2,657 $ 7,416 $ 3,023 $ 56 $ 13,152 Loans Individually evaluated for impairment $ 784 $ 502 $ 906 $ — $ 2,192 Collectively evaluated for impairment 337,312 1,004,296 433,121 10,866 1,785,595 Acquired impaired loans 981 32,321 9,711 15 43,028 Total $ 339,077 $ 1,037,119 $ 443,738 $ 10,881 $ 1,830,815 The allowance for loan losses is allocated to loan segments based upon historical loss factors, risk grades on individual loans, and qualitative factors. Qualitative factors include trends in delinquencies, nonaccrual loans, and loss rates; trends in volume and terms of loans, effects of changes in risk selection, underwriting standards, and lending policies; experience of lending officers, other lending staff and loan review; national, regional, and local economic trends and conditions; legal, regulatory and collateral factors; and concentrations of credit. The provision for loan losses for the 2020 19 may |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 The Company records as goodwill the excess of the purchase price over the fair value of the identifiable net assets acquired. Impairment testing is performed annually, as well as when an event triggering impairment may June 30 2017 04 first two 2, No June 30, 2020. June 30, 2020 19 Core deposit intangibles resulting from the acquisition of MidCarolina Financial Corporation ("MidCarolina") in July 2011 January 2015 April 2019 The changes in the carrying amount of goodwill and intangibles for the six June 30, 2020 Goodwill Intangibles Balance at December 31, 2019 $ 84,002 $ 7,728 Measurement period adjustments 1,046 — Amortization — (844 ) Impairment — — Balance at June 30, 2020 $ 85,048 $ 6,884 |
Note 7 - Leases
Note 7 - Leases | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 7 On January 1, 2019, No. 2016 02 842 842. 2018 11 not 842. not not not $4,413,000 Lease liabilities represent the Company's obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company's incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company's right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company's long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term, and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not no The following tables present information about the Company's leases, as of and for the periods indicated (dollars in thousands): June 30, 2020 December 31, 2019 Lease liabilities $ 4,966 $ 5,369 Right-of-use assets $ 4,924 $ 5,340 Weighted average remaining lease term (years) 7.92 8.17 Weighted average discount rate 3.23 % 3.21 % Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Lease cost Operating lease cost $ 249 $ 283 Short-term lease cost 1 1 Total lease cost $ 250 $ 284 Cash paid for amounts included in the measurement of lease liabilities $ 243 $ 274 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Lease cost Operating lease cost $ 499 $ 494 Short-term lease cost 2 2 Total lease cost $ 501 $ 496 Cash paid for amounts included in the measurement of lease liabilities $ 485 $ 483 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows (dollars in thousands): Lease payments due As of June 30, 2020 Six months ending December 31, 2020 $ 473 Twelve months ending December 31, 2021 943 Twelve months ending December 31, 2022 920 Twelve months ending December 31, 2023 817 Twelve months ending December 31, 2024 499 Twelve months ending December 31, 2025 473 Thereafter 1,549 Total undiscounted cash flows 5,674 Discount (708 ) Lease liabilities $ 4,966 |
Note 8 - Short-term Borrowings
Note 8 - Short-term Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | Note 8 Short-term borrowings may one may may June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Customer repurchase agreements $ 46,296 $ 40,475 |
Note 9 - Long-term Borrowings
Note 9 - Long-term Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 9 Under the terms of its collateral agreement with the FHLB, the Company provides a blanket lien covering all of its residential first second June 30, 2020 There were no long-term borrowings with FHLB as of June 30, 2020 December 31, 2019 In the regular course of conducting its business, the Company takes deposits from political subdivisions of the states of Virginia and North Carolina. At June 30, 2020 June 30, 2020 |
Note 10 - Subordinated Debt
Note 10 - Subordinated Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 10 On April 1, 2019, December 30, 2025 December 30, 2020. June 30 December 30 March 30, June 30, September 30 December 30 The indebtedness evidenced by the notes, including principal and interest, is unsecured and subordinate and junior in right of the Company's payments to general and secured creditors and depositors of the bank. The notes are redeemable, without penalty, on or after December 30, 2020 not The carrying value of the subordinated debt includes a fair value adjustment of $8,000 at June 30, 2020 April 1, 2019, |
Note 11 - Junior Subordinated D
Note 11 - Junior Subordinated Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Trust Preferred Capital Notes [Text Block] | Note 11 On April 7, 2006, June 30, 2036, may September 30, 2011. may 2006, On July 1, 2011, two 1 not In accordance with ASC 810 10 15 14, not A description of the junior subordinated debt securities outstanding payable to the trusts is shown below as of June 30, 2020 December 31, 2019 Principal Amount Issuing Entity Date Issued Interest Rate Maturity Date June 30, 2020 December 31, 2019 AMNB Statutory Trust I 4/7/2006 LIBOR plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 LIBOR plus 3.45% 11/7/2032 4,461 4,433 MidCarolina Trust II 12/3/2003 LIBOR plus 2.95% 10/7/2033 3,000 2,977 $ 28,080 $ 28,029 The principal amounts reflected above for the MidCarolina Trusts are net of fair value adjustments of $694,000 and $609,000 at June 30, 2020 December 31, 2019 July 1, 2011, |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 12 The Company uses derivative financial instruments ("derivatives") primarily to manage risks to the Company associated with changing interest rates. The Company's derivatives are hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows on variable rate borrowings such as the Company's trust preferred capital notes. The Company uses interest rate swap agreements as part of its hedging strategy by exchanging variable-rate interest payments on a notional amount equal to the principal amount of the borrowings for fixed-rate interest payments, with such interest rates set based on benchmarked interest rates. All interest rate swaps were entered into with counterparties that met the Company's credit standards and the agreements contain collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in these derivative contracts is not Terms and conditions of the interest rate swaps vary and amounts receivable or payable are recognized as accrued under the terms of the agreements. The Company assesses the effectiveness of each hedging relationship on a periodic basis. In accordance with 815, The following tables present information on the Company's derivative financial instruments as of June 30, 2020 December 31, 2019 June 30, 2020 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 3 $ — $ 5,616 $ 5,750 December 31, 2019 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 3 $ — $ 2,658 $ 3,450 |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 13 The Company's 2018 "2018 February 20, 2018, May 15, 2018, 2018 2018 2018 2018 2008 February 2018 ( "2008 Stock Options Accounting guidance requires that compensation cost relating to share-based payment transactions be recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. A summary of stock option transactions for the six June 30, 2020 Option Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($000) Outstanding at December 31, 2019 13,944 $ 16.63 Granted — — Exercised (1,793 ) 16.63 Forfeited — — Expired — — Outstanding and exercisable at June 30, 2020 12,151 $ 16.63 4.47 $ 102 The fair value of options is estimated at the date of grant using the Black-Scholes option pricing model and expensed over the options' vesting period. No stock options have been granted since 2009. 2019. June 30, 2020 December 2024. Restricted Stock The Company from time to time grants shares of restricted stock to key employees and non-employee directors. These awards help align the interests of these employees and directors with the interests of the shareholders of the Company by providing economic value directly related to increases in the value of the Company's common stock. The value of the stock awarded is established as the fair value of the Company's common stock at the time of the grant. The Company recognizes expense, equal to the total value of such awards, ratably over the vesting period of the stock grants. The majority of the restricted stock granted cliff vests at the end of a 36-month period beginning on the date of the grant. The remainder vests one- third six June 30, 2020 Restricted Stock Shares Weighted Average Grant Date Value Per Share Nonvested at December 31, 2019 57,271 $ 34.84 Granted 19,327 37.26 Vested (18,580 ) 34.46 Forfeited (1,518 ) 32.25 Nonvested at June 30, 2020 56,500 $ 35.86 As of June 30, 2020 December 31, 2019 2008 2018 first six 2020 2019 The Company offers its outside directors alternatives with respect to director compensation. For 2020 first six 2020 2019 |
Note 14 - Earnings Per Common S
Note 14 - Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 14 The following shows the weighted average number of shares used in computing earnings per common share and the effect on the weighted average number of shares of potentially dilutive common stock. Potentially dilutive common stock had no three six June 30, 2020 2019 Three Months Ended June 30, 2020 2019 Shares Per Share Amount Shares Per Share Amount Basic earnings (loss) per share 10,959,545 $ 0.50 11,126,800 $ (0.11 ) Effect of dilutive securities - stock options 3,703 — — — Diluted earnings (loss) per share 10,963,248 $ 0.50 11,126,800 $ (0.11 ) Six Months Ended June 30, 2020 2019 Shares Per Share Amount Shares Per Share Amount Basic earnings per share 10,992,365 $ 1.28 9,942,566 $ 0.48 Effect of dilutive securities - stock options 4,914 — 9,549 — Diluted earnings per share 10,997,279 $ 1.28 9,952,115 $ 0.48 Outstanding stock options on common stock whose effects are anti-dilutive are not three six June 30, 2020 2019 |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 15 The following information for the six June 30, 2020 2019 2009. Components of Net Periodic Benefit Cost Six Months Ended June 30, 2020 2019 Service cost $ — $ — Interest cost 76 58 Expected return on plan assets (142 ) (68 ) Recognized loss due to settlement 60 19 Recognized net actuarial loss 70 65 Net periodic cost $ 64 $ 74 |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 16 Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the fair value measurements and disclosures topic of ASC 820, no not may not not may Fair Value Hierarchy In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 Valuation is based on model-based techniques that use one The following describes the valuation techniques used by the Company to measure certain financial assets and financial liabilities recorded at fair value on a recurring basis in the financial statements: Securities available for sale: 1 not may 2 no third 3 3 June 30, 2020 December 31, 2019 Derivative asset (liability) - cash flow hedges: third 2. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at the dates indicated (dollars in thousands): Fair Value Measurements at June 30, 2020 Using Balance at June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2020 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 9,998 $ — $ 9,998 $ — Federal agencies and GSEs 53,438 — 53,438 — Mortgage-backed and CMOs 200,919 — 200,919 — State and municipal 46,680 — 46,680 — Corporate 11,488 — 11,488 — Total securities available for sale $ 322,523 $ — $ 322,523 $ — Liabilities: Derivative - cash flow hedges $ 5,616 $ — $ 5,616 $ — Fair Value Measurements at December 31, 2019 Using Balance at December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2019 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 14,987 $ — $ 14,987 $ — Federal agencies and GSEs 128,114 — 128,114 — Mortgage-backed and CMOs 184,240 — 184,240 — State and municipal 42,154 — 42,154 — Corporate 9,700 — 9,700 — Total securities available for sale $ 379,195 $ — $ 379,195 $ — Liabilities: Derivative - cash flow hedges $ 2,658 $ — $ 2,658 $ — Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements: Impaired loans: not may one 2 3 one not 3 one not 3 Other real estate owned: Repossessions: The following table summarizes the Company's assets that were measured at fair value on a nonrecurring basis at the dates indicated (dollars in thousands): Fair Value Measurements at June 30, 2020 Using Balance at June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2020 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 370 $ — $ — $ 370 Other real estate owned, net 984 — — 984 Repossessions 362 — — 362 Fair Value Measurements at December 31, 2019 Using Balance at December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2019 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 759 $ — $ — $ 759 Other real estate owned, net 1,308 — — 1,308 Quantitative Information About Level 3 June 30, 2020 December 31, 2019 Assets Valuation Technique Unobservable Input Range; Weighted Average (1) Impaired loans Discounted appraised value Selling cost 8.00% Discounted cash flow analysis Market rate for borrower (discount rate) 3.50% - 9.80%; 5.12% Other real estate owned, net Discounted appraised value Selling cost 8.00% __________________________ ( 1 ASC 825, not 825 Accordingly, the aggregate fair value amounts presented may not The carrying values and the exit pricing concept fair values of the Company's financial instruments at June 30, 2020 Fair Value Measurements at June 30, 2020 Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 251,605 $ 251,605 $ — $ — $ 251,605 Securities available for sale 322,523 — 322,523 — 322,523 Restricted stock 8,694 — 8,694 — 8,694 Loans held for sale 2,845 — 2,845 — 2,845 Loans, net of allowance 2,083,204 — — 2,072,726 2,072,726 Bank owned life insurance 28,122 — 28,122 — 28,122 Accrued interest receivable 8,921 — 8,921 — 8,921 Financial Liabilities: Deposits $ 2,431,776 $ — $ 2,436,267 $ — $ 2,436,267 Repurchase agreements 46,296 — 46,296 — 46,296 Subordinated debt 7,508 — 7,545 — 7,545 Junior subordinated debt 28,080 — — 18,712 18,712 Accrued interest payable 1,004 — 1,004 — 1,004 Derivative - cash flow hedges 5,616 — 5,616 — 5,616 The carrying values and the exit pricing concept fair values of the Company's financial instruments at December 31, 2019 Fair Value Measurements at December 31, 2019 Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 79,582 $ 79,582 $ — $ — $ 79,582 Securities available for sale 379,195 — 379,195 — 379,195 Restricted stock 8,630 — 8,630 — 8,630 Loans held for sale 2,027 — 2,027 — 2,027 Loans, net of allowance 1,817,663 — — 1,818,655 1,818,655 Bank owned life insurance 27,817 — 27,817 — 27,817 Accrued interest receivable 6,625 — 6,625 — 6,625 Financial Liabilities: Deposits $ 2,060,547 $ — $ 2,062,823 $ — $ 2,062,823 Repurchase agreements 40,475 — 40,475 — 40,475 Subordinated debt 7,517 — 8,525 — 8,525 Junior subordinated debt 28,029 — — 22,697 22,697 Accrued interest payable 1,213 — 1,213 — 1,213 Derivative - cash flow hedges 2,658 — 2,658 — 2,658 |
Note 17 - Segment and Related I
Note 17 - Segment and Related Information | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 17 The Company has two Community banking involves making loans to and generating deposits from individuals and businesses. Investment income from securities is also allocated to the community banking segment. Loan fee income, service charges from deposit accounts, and non-deposit fees such as automated teller machine fees and insurance commissions generate additional income for the community banking segment. Trust and investment services include estate planning, trust account administration, investment management, and retail brokerage. Investment management services include purchasing equity, fixed income, and mutual fund investments for customer accounts. The trust and investment services segment receives fees for investment and administrative services. Segment information as of and for the three six June 30, 2020 2019 Three Months Ended June 30, 2020 Community Banking Trust and Investment Services Total Interest income $ 23,297 $ — $ 23,297 Interest expense 3,037 — 3,037 Noninterest income 2,710 1,125 3,835 Income before income taxes 6,321 583 6,904 Net income 5,019 463 5,482 Depreciation and amortization 938 3 941 Total assets 2,864,361 178 2,864,539 Goodwill 85,048 — 85,048 Capital expenditures 463 — 463 Three Months Ended June 30, 2019 Community Banking Trust and Investment Services Total Interest income $ 25,211 $ — $ 25,211 Interest expense 4,222 — 4,222 Noninterest income 2,563 1,119 3,682 Income (loss) before income taxes (2,194 ) 559 (1,635 ) Net income (loss) (1,685 ) 455 (1,230 ) Depreciation and amortization 1,009 2 1,011 Total assets 2,418,061 21 2,418,082 Goodwill 84,633 — 84,633 Capital expenditures 906 — 906 Six Months Ended June 30, 2020 Community Banking Trust and Investment Services Total Interest income $ 47,163 $ — $ 47,163 Interest expense 6,984 — 6,984 Noninterest income 5,982 2,348 8,330 Income before income taxes 15,838 1,193 17,031 Net income 13,046 978 14,024 Depreciation and amortization 1,883 6 1,889 Total assets 2,864,361 178 2,864,539 Goodwill 85,048 — 85,048 Capital expenditures 1,366 4 1,370 Six Months Ended June 30, 2019 Community Banking Trust and Investment Services Total Interest income $ 43,307 $ — $ 43,307 Interest expense 7,250 — 7,250 Noninterest income 4,953 2,180 7,133 Income before income taxes 4,900 1,039 5,939 Net income 3,938 835 4,773 Depreciation and amortization 1,467 4 1,471 Total assets 2,418,061 21 2,418,082 Goodwill 84,633 — 84,633 Capital expenditures 1,292 7 1,299 |
Note 18 - Supplemental Cash Flo
Note 18 - Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 18 Supplemental cash flow information as of and for the six June 30, 2020 2019 Six Months Ended June 30, 2020 2019 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 44,607 $ 34,460 Interest-bearing deposits in other banks 206,998 20,454 Cash and Cash Equivalents $ 251,605 $ 54,914 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 7,193 $ 6,583 Income taxes 4,036 1,532 Noncash investing and financing activities: Transfer of loans to other real estate owned 47 181 Transfer of loans to repossessions 362 — Transfer from premises and equipment to other assets — 445 Increase in operating lease right-of-use asset — 4,413 Increase in operating lease liability — 4,413 Unrealized gains on securities available for sale 7,034 7,935 Unrealized losses on cash flow hedges (2,958 ) (1,811 ) Non-cash transactions related to acquisitions: Assets acquired: Investment securities — 34,876 Restricted stock — 2,588 Loans — 444,324 Premises and equipment — 12,554 Deferred income taxes — 2,329 Core deposit intangible — 8,200 Other real estate owned — 1,442 Bank owned life insurance — 8,246 Other assets — 14,244 Liabilities assumed: Deposits — 483,626 Short-term FHLB advances — 14,883 Long-term FHLB advances — 778 Subordinated debt — 7,530 Other liabilities — 5,780 Consideration: Issuance of common stock — 82,470 Fair value of replacement stock options/restricted stock — 753 |
Note 19 - Accumulated Other Com
Note 19 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 19 Changes in each component of accumulated other comprehensive income (loss) ("AOCI") for the three six June 30, 2020 2019 For the Three Months Ended Net Unrealized Gains (Losses) on Securities Unrealized Losses on Cash Flow Hedges Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at March 31, 2019 $ (896 ) $ (1,187 ) $ (1,238 ) $ (3,321 ) Net unrealized gains on securities available for sale, net of tax, $ 920 3,186 — — 3,186 Reclassification adjustment for realized gains on securities, net of tax, $ (31) (105 ) — — (105 ) Net unrealized losses on cash flow hedges, net of tax, $ (243) — (843 ) — (843 ) Balance at June 30, 2019 $ 2,185 $ (2,030 ) $ (1,238 ) $ (1,083 ) Balance at March 31, 2020 $ 7,117 $ (4,302 ) $ (1,301 ) $ 1,514 Net unrealized gains on securities available for sale, net of tax, $ 358 1,301 — — 1,301 Net unrealized losses on cash flow hedges, net of tax, $ (28) — (101 ) — (101 ) Balance at June 30, 2020 $ 8,418 $ (4,403 ) $ (1,301 ) $ 2,714 For the Six Months Ended Net Unrealized Gains (Losses) on Securities Unrealized Losses on Cash Flow Hedges Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2018 $ (3,973 ) $ (624 ) $ (1,238 ) $ (5,835 ) Net unrealized gains on securities available for sale, net of tax, $ 1,809 6,266 — — 6,266 Reclassification adjustment for realized gains on securities, net of tax, $ (32) (108 ) — — (108 ) Unrealized losses on cash flow hedges, net of tax, $ (405) — (1,406 ) — (1,406 ) Balance at June 30, 2019 $ 2,185 $ (2,030 ) $ (1,238 ) $ (1,083 ) Balance at December 31, 2019 $ 2,902 $ (2,084 ) $ (1,301 ) $ (483 ) Net unrealized gains on securities available for sale, net of tax, $ 1,694 6,154 — — 6,154 Reclassification adjustment for realized gains on securities, net of tax, $ (176) (638 ) — — (638 ) Unrealized losses on cash flow hedges, net of tax, $ (639) — (2,319 ) — (2,319 ) Balance at June 30, 2020 $ 8,418 $ (4,403 ) $ (1,301 ) $ 2,714 Reclassifications Out of Accumulated Other Comprehensive Income (Loss) For the Three and Six Months Ended June 30, 2020 2019 (dollars in thousands) For the Three Months Ended June 30, 2020 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gains on sales and calls of securities $ — Securities gains, net — Income taxes Total reclassifications $ — Net of tax For the Three Months Ended June 30, 2019 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gains on sales and calls of securities $ 136 Securities gains, net (31 ) Income taxes Total reclassifications $ 105 Net of tax For the Six Months Ended June 30, 2020 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gains on sales and calls of securities $ 814 Securities gains, net (176 ) Income taxes Total reclassifications $ 638 Net of tax For the Six Months Ended June 30, 2019 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gains on sales and calls of securities $ 140 Securities gains, net (32 ) Income taxes Total reclassifications $ 108 Net of tax |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The consolidated financial statements include the accounts of American National Bankshares Inc. (NASDAQ: AMNB) (the "Company") and its wholly owned subsidiary, American National Bank and Trust Company (the "Bank"). The Company is a multi-state bank holding company headquartered in Danville, Virginia. The Bank is a community bank organization serving Virginia and North Carolina with 26 banking offices. In addition to traditional retail, commercial and mortgage offerings, the Bank also provides trust and investment services through its Trust and Investment Services Division. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangible assets, other-than-temporary impairment of securities, accounting for merger and acquisition activity, accounting for acquired loans with specific credit-related deterioration, and the valuation of deferred tax assets and liabilities. The novel coronavirus (“COVID- 19” first 2020 March 13, 2020, 19 March 2020, may may may may In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the results of the interim periods. The results of operations for the interim periods are not may 10 December 31, 2019 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Developments In January 2017, 2017 04, 350 2017 04 first two 2, 2017 04 January 1, 2020. 2017 04 not In August 2018, 2018 13, 820 2018 13 3 may 3 820 2018 13 January 1, 2020. 2018 13 not In March 2020 April 2020), 19 may 19. six not March 27, 2020. 4013 19 19 December 31, 2019 not June 30, 2020, August 1, 2020, three The CARES Act included an allocation of $659 1.00% two $2 five not first six 100% 1% 5%, April 3, 2020. August 1, 2020, Recent Accounting Pronouncements and other Authoritative Accounting Guidance In June 2016, 2016 13, 326 2016 13 326, 2019 04, 2019 05, 2019 10, 2019 11, 2020 02, 2020 03. not December 15, 2022. In August 2018, 2018 14, 715 20 715 20 50 3, December 15, 2020. 2018 14 Effective November 25, 2019, 119. 119 326, 1 2 3 4 In December 2019, 2019 12, 740 740 December 15, 2020, 2019 12 In January 2020, 2020 01, 321 323 815 321, 323, 815." 2016 01 December 15, 2020, not 2020 01 In March 2020, 2020 04 848 March 12, 2020 December 31, 2022. 2020 04 On March 12, 2020, April 27, 2020. first 404 $75 $700 second $700 $100 $100 10 not $100 $100 not |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Consideration Paid: Common shares issued ( 2,361,686 $ 82,470 Issuance of replacement stock options/restricted stock 753 Cash paid in lieu of fractional shares 27 Value of consideration 83,250 Assets acquired: Cash and cash equivalents 26,283 Investment securities 34,876 Restricted stock 2,588 Loans 444,324 Premises and equipment 12,034 Deferred income taxes 2,960 Core deposit intangible 8,200 Other real estate owned 1,188 Bank owned life insurance 8,246 Other assets 14,244 Total assets 554,943 Liabilities assumed: Deposits 483,626 Short-term FHLB advances 14,883 Long-term FHLB advances 778 Subordinated debt 7,530 Other liabilities 6,052 Total liabilities 512,869 Net assets acquired 42,074 Goodwill resulting from merger with HomeTown $ 41,176 |
Schedule of Goodwill [Table Text Block] | Goodwill at December 31, 2019 $ 40,130 Effect of adjustments to: Premises and equipment 520 Other real estate owned 254 Other liabilities 272 Goodwill at June 30, 2020 $ 41,176 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Contractually required principal and interest at acquisition $ 45,551 Contractual cash flows not expected to be collected (nonaccretable difference) 8,296 Expected cash flows at acquisition 37,255 Interest component of expected cash flows (accretable yield) 4,410 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 32,845 |
Business Acquisition, Pro Forma Information [Table Text Block] | Unaudited Pro forma Three Months Ended June 30, 2019 Total revenues (1) $ 24,671 Net income 7,506 Unaudited Pro forma Six Months Ended June 30, 2019 Total revenues (1) $ 45,768 Net income 13,382 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Marketable Securities [Table Text Block] | June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Securities available for sale: U.S. Treasury $ 9,998 $ — $ — $ 9,998 Federal agencies and GSEs 51,382 2,088 32 53,438 Mortgage-backed and CMOs 193,961 6,988 30 200,919 State and municipal 44,935 1,751 6 46,680 Corporate 11,512 44 68 11,488 Total securities available for sale $ 311,788 $ 10,871 $ 136 $ 322,523 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Securities available for sale: U.S. Treasury $ 14,992 $ — $ 5 $ 14,987 Federal agencies and GSEs 126,829 1,504 219 128,114 Mortgage-backed and CMOs 182,732 1,901 393 184,240 State and municipal 41,427 769 42 42,154 Corporate 9,514 186 — 9,700 Total securities available for sale $ 375,494 $ 4,360 $ 659 $ 379,195 |
Schedule of Cost of Investments in Restricted Stock [Table Text Block] | June 30, 2020 December 31, 2019 FRB stock $ 6,437 $ 6,415 FHLB stock 2,257 2,215 Total restricted stock $ 8,694 $ 8,630 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Total Less than 12 Months 12 Months or More Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury $ 9,998 $ — $ 9,998 $ — $ — $ — Federal agencies and GSEs 14,468 32 13,013 7 1,455 25 Mortgage-backed and CMOs 9,652 30 9,652 30 — — State and municipal 1,352 6 1,352 6 — — Corporate 8,631 68 — — 8,631 68 Total $ 44,101 $ 136 $ 34,015 $ 43 $ 10,086 $ 93 Total Less than 12 Months 12 Months or More Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury $ 14,987 $ 5 $ 14,987 $ 5 $ — $ — Federal agencies and GSEs 69,095 219 31,779 44 37,316 175 Mortgage-backed and CMOs 89,391 393 66,324 266 23,067 127 State and municipal 4,262 42 3,108 37 1,154 5 Total $ 177,735 $ 659 $ 116,198 $ 352 $ 61,537 $ 307 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Realized gains (losses): Gross realized gains $ — $ 814 Gross realized losses — — Net realized gains $ — $ 814 Proceeds from sales of securities $ — $ 5,811 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Realized gains (losses): Gross realized gains $ 190 $ 194 Gross realized losses (54 ) (54 ) Net realized gains $ 136 $ 140 Proceeds from sales of securities $ 29,878 $ 29,878 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2020 December 31, 2019 Commercial $ 566,859 $ 339,077 Commercial real estate: Construction and land development 141,392 137,920 Commercial real estate 978,768 899,199 Residential real estate: Residential 291,242 324,315 Home equity 114,397 119,423 Consumer 9,053 10,881 Total loans $ 2,101,711 $ 1,830,815 |
Schedule of Outstanding and Carrying Amount of Certain Loans Acquired in Transfer [Table Text Block] | June 30, 2020 December 31, 2019 Outstanding principal balance $ 316,531 $ 393,618 Carrying amount 301,811 377,130 June 30, 2020 December 31, 2019 Outstanding principal balance $ 48,457 $ 53,600 Carrying amount 38,374 43,028 |
Schedule of Changes in Accretable Yield on Acquired Loans [Table Text Block] | June 30, 2020 December 31, 2019 Balance at January 1 $ 7,893 $ 4,633 Additions from merger with HomeTown — 4,410 Accretion (1,696 ) (3,304 ) Reclassification from nonaccretable difference 1,730 736 Other changes, net* 151 1,418 $ 8,078 $ 7,893 |
Financing Receivable, Past Due [Table Text Block] | 30- 59 Days Past Due 60-89 Days Past Due 90 Days + Past Due and Still Accruing Non Accrual Loans Total Past Due Current Total Loans Commercial $ 19 $ — $ 13 $ 260 $ 292 $ 566,567 $ 566,859 Commercial real estate: Construction and land development — — — 8 8 141,384 141,392 Commercial real estate — 88 212 1,662 1,962 976,806 978,768 Residential: Residential 202 250 125 750 1,327 289,915 291,242 Home equity 340 — 25 174 539 113,858 114,397 Consumer 23 5 — 1 29 9,024 9,053 Total $ 584 $ 343 $ 375 $ 2,855 $ 4,157 $ 2,097,554 $ 2,101,711 30- 59 Days Past Due 60-89 Days Past Due 90 Days + Past Due and Still Accruing Non Accrual Loans Total Past Due Current Total Loans Commercial $ 325 $ 163 $ 52 $ 857 $ 1,397 $ 337,680 $ 339,077 Commercial real estate: Construction and land development 58 — — 11 69 137,851 137,920 Commercial real estate 217 434 — 274 925 898,274 899,199 Residential: Residential 639 260 282 685 1,866 322,449 324,315 Home equity 49 90 27 113 279 119,144 119,423 Consumer 73 13 — 4 90 10,791 10,881 Total $ 1,361 $ 960 $ 361 $ 1,944 $ 4,626 $ 1,826,189 $ 1,830,815 |
Impaired Financing Receivables [Table Text Block] | Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ — $ — $ — $ 33 $ 1 Commercial real estate: Construction and land development — — — — — Commercial real estate 1,620 1,617 — 866 53 Residential: Residential 900 908 — 821 22 Home equity 43 43 — 41 3 Consumer — — — — — $ 2,563 $ 2,568 $ — $ 1,761 $ 79 With a related allowance recorded: Commercial $ 149 $ 144 $ 122 $ 574 $ 13 Commercial real estate: Construction and land development — — — — — Commercial real estate 259 259 138 173 8 Residential Residential 248 248 26 251 6 Home equity — — — — — Consumer — — — — — $ 656 $ 651 $ 286 $ 998 $ 27 Total: Commercial $ 149 $ 144 $ 122 $ 607 $ 14 Commercial real estate: Construction and land development — — — — — Commercial real estate 1,879 1,876 138 1,039 61 Residential: Residential 1,148 1,156 26 1,072 28 Home equity 43 43 — 41 3 Consumer — — — — — $ 3,219 $ 3,219 $ 286 $ 2,759 $ 106 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 49 $ 49 $ — $ 16 $ 5 Commercial real estate: Construction and land development — — — — — Commercial real estate 502 500 — 424 39 Residential: Residential 611 612 — 652 38 Home equity 41 41 — 45 6 Consumer — — — — — $ 1,203 $ 1,202 $ — $ 1,137 $ 88 With a related allowance recorded: Commercial $ 735 $ 730 $ 204 $ 191 $ 41 Commercial real estate: Construction and land development — — — — — Commercial real estate — — — — — Residential: Residential 254 254 26 225 16 Home equity — — — — — Consumer — — — — — $ 989 $ 984 $ 230 $ 416 $ 57 Total: Commercial $ 784 $ 779 $ 204 $ 207 $ 46 Commercial real estate: Construction and land development — — — — — Commercial real estate 502 500 — 424 39 Residential: Residential 865 866 26 877 54 Home equity 41 41 — 45 6 Consumer — — — — — $ 2,192 $ 2,186 $ 230 $ 1,553 $ 145 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Commercial Construction and Land Development Commercial Real Estate Other Residential Home Equity Pass $ 559,180 $ 135,124 $ 942,737 $ 283,239 $ 113,882 Special Mention 6,604 3,014 16,370 4,586 — Substandard 1,025 3,254 19,661 3,417 515 Doubtful 50 — — — — Total $ 566,859 $ 141,392 $ 978,768 $ 291,242 $ 114,397 Consumer Performing $ 9,052 Nonperforming 1 Total $ 9,053 Commercial Construction and Land Development Commercial Real Estate Other Residential Home Equity Pass $ 328,488 $ 130,694 $ 860,615 $ 316,454 $ 118,960 Special Mention 8,710 4,133 22,117 4,370 — Substandard 1,144 3,093 16,467 3,491 463 Doubtful 735 — — — — Total $ 339,077 $ 137,920 $ 899,199 $ 324,315 $ 119,423 Consumer Performing $ 10,877 Nonperforming 4 Total $ 10,881 |
Note 5 - Allowance for Loan L_2
Note 5 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Six Months Ended June 30, 2020 Year Ended December 31, 2019 Six Months Ended June 30, 2019 Allowance for Loan Losses Balance, beginning of period $ 13,152 $ 12,805 $ 12,805 Provision for loan losses 5,712 456 6 Charge-offs (549 ) (333 ) (123 ) Recoveries 192 224 98 Balance, end of period $ 18,507 $ 13,152 $ 12,786 Reserve for Unfunded Lending Commitments Balance, beginning of period $ 329 $ 217 $ 217 Provision for unfunded commitments 12 112 99 Balance, end of period $ 341 $ 329 $ 316 Commercial Commercial Real Estate Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2019 $ 2,657 $ 7,416 $ 3,023 $ 56 $ 13,152 Provision for loan losses 967 3,783 942 20 5,712 Charge-offs (411 ) — (62 ) (76 ) (549 ) Recoveries 26 58 33 75 192 Balance at June 30, 2020 $ 3,239 $ 11,257 $ 3,936 $ 75 $ 18,507 Balance at June 30, 2020: Allowance for Loan Losses Individually evaluated for impairment $ 122 $ 138 $ 26 $ — $ 286 Collectively evaluated for impairment 3,097 11,092 3,705 75 17,969 Acquired impaired loans 20 27 205 — 252 Total $ 3,239 $ 11,257 $ 3,936 $ 75 $ 18,507 Loans Individually evaluated for impairment $ 149 $ 1,879 $ 1,191 $ — $ 3,219 Collectively evaluated for impairment 566,162 1,088,707 396,211 9,038 2,060,118 Acquired impaired loans 548 29,574 8,237 15 38,374 Total $ 566,859 $ 1,120,160 $ 405,639 $ 9,053 $ 2,101,711 Commercial Commercial Real Estate Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2018 $ 2,537 $ 7,246 $ 2,977 $ 45 $ 12,805 Provision for loan losses 119 167 58 112 456 Charge-offs (12 ) (6 ) (70 ) (245 ) (333 ) Recoveries 13 9 58 144 224 Balance at December 31, 2019 $ 2,657 $ 7,416 $ 3,023 $ 56 $ 13,152 Balance at December 31, 2019: Allowance for Loan Losses Individually evaluated for impairment $ 204 $ — $ 26 $ — $ 230 Collectively evaluated for impairment 2,448 7,386 2,794 56 12,684 Acquired impaired loans 5 30 203 — 238 Total $ 2,657 $ 7,416 $ 3,023 $ 56 $ 13,152 Loans Individually evaluated for impairment $ 784 $ 502 $ 906 $ — $ 2,192 Collectively evaluated for impairment 337,312 1,004,296 433,121 10,866 1,785,595 Acquired impaired loans 981 32,321 9,711 15 43,028 Total $ 339,077 $ 1,037,119 $ 443,738 $ 10,881 $ 1,830,815 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill Intangibles Balance at December 31, 2019 $ 84,002 $ 7,728 Measurement period adjustments 1,046 — Amortization — (844 ) Impairment — — Balance at June 30, 2020 $ 85,048 $ 6,884 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | June 30, 2020 December 31, 2019 Lease liabilities $ 4,966 $ 5,369 Right-of-use assets $ 4,924 $ 5,340 Weighted average remaining lease term (years) 7.92 8.17 Weighted average discount rate 3.23 % 3.21 % Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Lease cost Operating lease cost $ 249 $ 283 Short-term lease cost 1 1 Total lease cost $ 250 $ 284 Cash paid for amounts included in the measurement of lease liabilities $ 243 $ 274 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Lease cost Operating lease cost $ 499 $ 494 Short-term lease cost 2 2 Total lease cost $ 501 $ 496 Cash paid for amounts included in the measurement of lease liabilities $ 485 $ 483 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Lease payments due As of June 30, 2020 Six months ending December 31, 2020 $ 473 Twelve months ending December 31, 2021 943 Twelve months ending December 31, 2022 920 Twelve months ending December 31, 2023 817 Twelve months ending December 31, 2024 499 Twelve months ending December 31, 2025 473 Thereafter 1,549 Total undiscounted cash flows 5,674 Discount (708 ) Lease liabilities $ 4,966 |
Note 8 - Short-term Borrowings
Note 8 - Short-term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | June 30, 2020 December 31, 2019 Customer repurchase agreements $ 46,296 $ 40,475 |
Note 11 - Junior Subordinated_2
Note 11 - Junior Subordinated Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Principal Amount Issuing Entity Date Issued Interest Rate Maturity Date June 30, 2020 December 31, 2019 AMNB Statutory Trust I 4/7/2006 LIBOR plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 LIBOR plus 3.45% 11/7/2032 4,461 4,433 MidCarolina Trust II 12/3/2003 LIBOR plus 2.95% 10/7/2033 3,000 2,977 $ 28,080 $ 28,029 |
Note 12 - Derivative Financia_2
Note 12 - Derivative Financial Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | June 30, 2020 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 3 $ — $ 5,616 $ 5,750 December 31, 2019 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 3 $ — $ 2,658 $ 3,450 |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Stock Options Roll Forward [Table Text Block] | Option Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($000) Outstanding at December 31, 2019 13,944 $ 16.63 Granted — — Exercised (1,793 ) 16.63 Forfeited — — Expired — — Outstanding and exercisable at June 30, 2020 12,151 $ 16.63 4.47 $ 102 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Restricted Stock Shares Weighted Average Grant Date Value Per Share Nonvested at December 31, 2019 57,271 $ 34.84 Granted 19,327 37.26 Vested (18,580 ) 34.46 Forfeited (1,518 ) 32.25 Nonvested at June 30, 2020 56,500 $ 35.86 |
Note 14 - Earnings Per Common_2
Note 14 - Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2020 2019 Shares Per Share Amount Shares Per Share Amount Basic earnings (loss) per share 10,959,545 $ 0.50 11,126,800 $ (0.11 ) Effect of dilutive securities - stock options 3,703 — — — Diluted earnings (loss) per share 10,963,248 $ 0.50 11,126,800 $ (0.11 ) Six Months Ended June 30, 2020 2019 Shares Per Share Amount Shares Per Share Amount Basic earnings per share 10,992,365 $ 1.28 9,942,566 $ 0.48 Effect of dilutive securities - stock options 4,914 — 9,549 — Diluted earnings per share 10,997,279 $ 1.28 9,952,115 $ 0.48 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Components of Net Periodic Benefit Cost Six Months Ended June 30, 2020 2019 Service cost $ — $ — Interest cost 76 58 Expected return on plan assets (142 ) (68 ) Recognized loss due to settlement 60 19 Recognized net actuarial loss 70 65 Net periodic cost $ 64 $ 74 |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at June 30, 2020 Using Balance at June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2020 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 9,998 $ — $ 9,998 $ — Federal agencies and GSEs 53,438 — 53,438 — Mortgage-backed and CMOs 200,919 — 200,919 — State and municipal 46,680 — 46,680 — Corporate 11,488 — 11,488 — Total securities available for sale $ 322,523 $ — $ 322,523 $ — Liabilities: Derivative - cash flow hedges $ 5,616 $ — $ 5,616 $ — Fair Value Measurements at December 31, 2019 Using Balance at December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2019 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 14,987 $ — $ 14,987 $ — Federal agencies and GSEs 128,114 — 128,114 — Mortgage-backed and CMOs 184,240 — 184,240 — State and municipal 42,154 — 42,154 — Corporate 9,700 — 9,700 — Total securities available for sale $ 379,195 $ — $ 379,195 $ — Liabilities: Derivative - cash flow hedges $ 2,658 $ — $ 2,658 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at June 30, 2020 Using Balance at June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2020 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 370 $ — $ — $ 370 Other real estate owned, net 984 — — 984 Repossessions 362 — — 362 Fair Value Measurements at December 31, 2019 Using Balance at December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2019 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 759 $ — $ — $ 759 Other real estate owned, net 1,308 — — 1,308 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Assets Valuation Technique Unobservable Input Range; Weighted Average (1) Impaired loans Discounted appraised value Selling cost 8.00% Discounted cash flow analysis Market rate for borrower (discount rate) 3.50% - 9.80%; 5.12% Other real estate owned, net Discounted appraised value Selling cost 8.00% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at June 30, 2020 Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 251,605 $ 251,605 $ — $ — $ 251,605 Securities available for sale 322,523 — 322,523 — 322,523 Restricted stock 8,694 — 8,694 — 8,694 Loans held for sale 2,845 — 2,845 — 2,845 Loans, net of allowance 2,083,204 — — 2,072,726 2,072,726 Bank owned life insurance 28,122 — 28,122 — 28,122 Accrued interest receivable 8,921 — 8,921 — 8,921 Financial Liabilities: Deposits $ 2,431,776 $ — $ 2,436,267 $ — $ 2,436,267 Repurchase agreements 46,296 — 46,296 — 46,296 Subordinated debt 7,508 — 7,545 — 7,545 Junior subordinated debt 28,080 — — 18,712 18,712 Accrued interest payable 1,004 — 1,004 — 1,004 Derivative - cash flow hedges 5,616 — 5,616 — 5,616 Fair Value Measurements at December 31, 2019 Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 79,582 $ 79,582 $ — $ — $ 79,582 Securities available for sale 379,195 — 379,195 — 379,195 Restricted stock 8,630 — 8,630 — 8,630 Loans held for sale 2,027 — 2,027 — 2,027 Loans, net of allowance 1,817,663 — — 1,818,655 1,818,655 Bank owned life insurance 27,817 — 27,817 — 27,817 Accrued interest receivable 6,625 — 6,625 — 6,625 Financial Liabilities: Deposits $ 2,060,547 $ — $ 2,062,823 $ — $ 2,062,823 Repurchase agreements 40,475 — 40,475 — 40,475 Subordinated debt 7,517 — 8,525 — 8,525 Junior subordinated debt 28,029 — — 22,697 22,697 Accrued interest payable 1,213 — 1,213 — 1,213 Derivative - cash flow hedges 2,658 — 2,658 — 2,658 |
Note 17 - Segment and Related_2
Note 17 - Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2020 Community Banking Trust and Investment Services Total Interest income $ 23,297 $ — $ 23,297 Interest expense 3,037 — 3,037 Noninterest income 2,710 1,125 3,835 Income before income taxes 6,321 583 6,904 Net income 5,019 463 5,482 Depreciation and amortization 938 3 941 Total assets 2,864,361 178 2,864,539 Goodwill 85,048 — 85,048 Capital expenditures 463 — 463 Three Months Ended June 30, 2019 Community Banking Trust and Investment Services Total Interest income $ 25,211 $ — $ 25,211 Interest expense 4,222 — 4,222 Noninterest income 2,563 1,119 3,682 Income (loss) before income taxes (2,194 ) 559 (1,635 ) Net income (loss) (1,685 ) 455 (1,230 ) Depreciation and amortization 1,009 2 1,011 Total assets 2,418,061 21 2,418,082 Goodwill 84,633 — 84,633 Capital expenditures 906 — 906 Six Months Ended June 30, 2020 Community Banking Trust and Investment Services Total Interest income $ 47,163 $ — $ 47,163 Interest expense 6,984 — 6,984 Noninterest income 5,982 2,348 8,330 Income before income taxes 15,838 1,193 17,031 Net income 13,046 978 14,024 Depreciation and amortization 1,883 6 1,889 Total assets 2,864,361 178 2,864,539 Goodwill 85,048 — 85,048 Capital expenditures 1,366 4 1,370 Six Months Ended June 30, 2019 Community Banking Trust and Investment Services Total Interest income $ 43,307 $ — $ 43,307 Interest expense 7,250 — 7,250 Noninterest income 4,953 2,180 7,133 Income before income taxes 4,900 1,039 5,939 Net income 3,938 835 4,773 Depreciation and amortization 1,467 4 1,471 Total assets 2,418,061 21 2,418,082 Goodwill 84,633 — 84,633 Capital expenditures 1,292 7 1,299 |
Note 18 - Supplemental Cash F_2
Note 18 - Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended June 30, 2020 2019 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 44,607 $ 34,460 Interest-bearing deposits in other banks 206,998 20,454 Cash and Cash Equivalents $ 251,605 $ 54,914 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 7,193 $ 6,583 Income taxes 4,036 1,532 Noncash investing and financing activities: Transfer of loans to other real estate owned 47 181 Transfer of loans to repossessions 362 — Transfer from premises and equipment to other assets — 445 Increase in operating lease right-of-use asset — 4,413 Increase in operating lease liability — 4,413 Unrealized gains on securities available for sale 7,034 7,935 Unrealized losses on cash flow hedges (2,958 ) (1,811 ) Non-cash transactions related to acquisitions: Assets acquired: Investment securities — 34,876 Restricted stock — 2,588 Loans — 444,324 Premises and equipment — 12,554 Deferred income taxes — 2,329 Core deposit intangible — 8,200 Other real estate owned — 1,442 Bank owned life insurance — 8,246 Other assets — 14,244 Liabilities assumed: Deposits — 483,626 Short-term FHLB advances — 14,883 Long-term FHLB advances — 778 Subordinated debt — 7,530 Other liabilities — 5,780 Consideration: Issuance of common stock — 82,470 Fair value of replacement stock options/restricted stock — 753 |
Note 19 - Accumulated Other C_2
Note 19 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the Three Months Ended Net Unrealized Gains (Losses) on Securities Unrealized Losses on Cash Flow Hedges Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at March 31, 2019 $ (896 ) $ (1,187 ) $ (1,238 ) $ (3,321 ) Net unrealized gains on securities available for sale, net of tax, $ 920 3,186 — — 3,186 Reclassification adjustment for realized gains on securities, net of tax, $ (31) (105 ) — — (105 ) Net unrealized losses on cash flow hedges, net of tax, $ (243) — (843 ) — (843 ) Balance at June 30, 2019 $ 2,185 $ (2,030 ) $ (1,238 ) $ (1,083 ) Balance at March 31, 2020 $ 7,117 $ (4,302 ) $ (1,301 ) $ 1,514 Net unrealized gains on securities available for sale, net of tax, $ 358 1,301 — — 1,301 Net unrealized losses on cash flow hedges, net of tax, $ (28) — (101 ) — (101 ) Balance at June 30, 2020 $ 8,418 $ (4,403 ) $ (1,301 ) $ 2,714 For the Six Months Ended Net Unrealized Gains (Losses) on Securities Unrealized Losses on Cash Flow Hedges Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2018 $ (3,973 ) $ (624 ) $ (1,238 ) $ (5,835 ) Net unrealized gains on securities available for sale, net of tax, $ 1,809 6,266 — — 6,266 Reclassification adjustment for realized gains on securities, net of tax, $ (32) (108 ) — — (108 ) Unrealized losses on cash flow hedges, net of tax, $ (405) — (1,406 ) — (1,406 ) Balance at June 30, 2019 $ 2,185 $ (2,030 ) $ (1,238 ) $ (1,083 ) Balance at December 31, 2019 $ 2,902 $ (2,084 ) $ (1,301 ) $ (483 ) Net unrealized gains on securities available for sale, net of tax, $ 1,694 6,154 — — 6,154 Reclassification adjustment for realized gains on securities, net of tax, $ (176) (638 ) — — (638 ) Unrealized losses on cash flow hedges, net of tax, $ (639) — (2,319 ) — (2,319 ) Balance at June 30, 2020 $ 8,418 $ (4,403 ) $ (1,301 ) $ 2,714 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | For the Three Months Ended June 30, 2020 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gains on sales and calls of securities $ — Securities gains, net — Income taxes Total reclassifications $ — Net of tax For the Three Months Ended June 30, 2019 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gains on sales and calls of securities $ 136 Securities gains, net (31 ) Income taxes Total reclassifications $ 105 Net of tax For the Six Months Ended June 30, 2020 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gains on sales and calls of securities $ 814 Securities gains, net (176 ) Income taxes Total reclassifications $ 638 Net of tax For the Six Months Ended June 30, 2019 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gains on sales and calls of securities $ 140 Securities gains, net (32 ) Income taxes Total reclassifications $ 108 Net of tax |
Note 1 - Accounting Policies (D
Note 1 - Accounting Policies (Details Textual) $ in Millions | Aug. 01, 2020USD ($) | Jun. 30, 2020USD ($) |
Number of Banking Offices | 26 | |
Financing Receivable, Number of Customers With Payment Deferrals | 729 | |
Financing Receivable, Deferred Payments | $ 395 | |
Subsequent Event [Member] | ||
Financing Receivable, Deferred Payments | $ 219 | |
Financing Receivable, Deferred Payments, Percentage of Portfolio | 10.40% | |
Number of Paycheck Protection Program Loans Originated Through the CARES Act | 2,200 | |
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act | $ 272 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Business Combination, Acquisition Related Costs | $ 0 | $ 10,871 | $ 0 | $ 11,322 | |
HomeTown Bankshares Corporation [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Issued Per Share Of Common Stock (in dollars per share) | $ 0.4150 | ||||
Business Combination, Acquisition Related Costs | $ 0 | $ 11,300 |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary Assessment of Consideration Transferred, Assets Acquired, and Liabilities Assumed (Details) - USD ($) $ in Thousands | Apr. 01, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Cash paid in lieu of fractional shares | $ 0 | $ 27 | ||
Goodwill resulting from merger with HomeTown | 85,048 | $ 84,633 | $ 84,002 | |
HomeTown Bankshares Corporation [Member] | ||||
Cash paid in lieu of fractional shares | $ 27 | |||
Value of consideration | 83,250 | |||
Cash and cash equivalents | 26,283 | |||
Investment securities | 34,876 | |||
Restricted stock | 2,588 | |||
Loans | 444,324 | |||
Premises and equipment | 12,034 | |||
Deferred income taxes | 2,960 | |||
Core deposit intangible | 8,200 | |||
Other real estate owned | 1,188 | |||
Bank owned life insurance | 8,246 | |||
Other assets | 14,244 | |||
Total assets | 554,943 | |||
Deposits | 483,626 | |||
Short-term FHLB advances | 14,883 | |||
Long-term FHLB advances | 778 | |||
Subordinated debt | 7,530 | |||
Other liabilities | 6,052 | |||
Total liabilities | 512,869 | |||
Net assets acquired | 42,074 | |||
Goodwill resulting from merger with HomeTown | 41,176 | $ 41,176 | $ 40,130 | |
HomeTown Bankshares Corporation [Member] | Stock Options and Restricted Stock [Member] | ||||
Common shares issued (2,361,686) | 753 | |||
HomeTown Bankshares Corporation [Member] | Common Stock [Member] | ||||
Common shares issued (2,361,686) | $ 82,470 |
Note 2 - Acquisitions - Preli_2
Note 2 - Acquisitions - Preliminary Assessment of Consideration Transferred, Assets Acquired, and Liabilities Assumed (Details) (Parentheticals) - shares | Apr. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2019 |
Common shares issued, shares (in shares) | 2,361,686 | 2,361,686 | |
HomeTown Bankshares Corporation [Member] | Common Stock [Member] | |||
Common shares issued, shares (in shares) | 2,361,686 |
Note 2 - Acquisitions - Changes
Note 2 - Acquisitions - Changes in Fair Value of Net Assets Acquired and Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Goodwill at December 31, 2019 | $ 84,002 |
Goodwill at June 30, 2020 | 85,048 |
HomeTown Bankshares Corporation [Member] | |
Goodwill at December 31, 2019 | 40,130 |
Premises and equipment | 520 |
Other real estate owned | 254 |
Other liabilities | 272 |
Goodwill at June 30, 2020 | $ 41,176 |
Note 2 - Acquisitions - Acquire
Note 2 - Acquisitions - Acquired Impaired Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Apr. 01, 2019 | Dec. 31, 2018 |
Interest component of expected cash flows (accretable yield) | $ 8,078 | $ 7,893 | $ 4,633 | |
HomeTown Bankshares Corporation [Member] | ||||
Contractually required principal and interest at acquisition | $ 45,551 | |||
Contractual cash flows not expected to be collected (nonaccretable difference) | 8,296 | |||
Expected cash flows at acquisition | 37,255 | |||
Interest component of expected cash flows (accretable yield) | 4,410 | |||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ 32,845 |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma Amounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | ||
Total revenues (1) | [1] | $ 24,671 | $ 45,768 |
Net income | $ 7,506 | $ 13,382 | |
[1] | Includes net interest income and noninterest income. |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Equity Securities, FV-NI | $ 0 | $ 125,000 | |
Equity Securities, FV-NI, Unrealized Gain | 0 | 330,000 | |
Proceeds from the Sale of Equity Securities | $ 0 | $ 317,000 | |
Par Value of Restricted Stock Out of Outstanding Capital Required by FRB | 3.00% | ||
Par Value of Federal Reserve Banks Restricted Stock Outstanding Capital Subject to Call | 3.00% | ||
Par Value of Restricted Stock Out of Outstanding Capital Required by FHLB | 4.25% | ||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 16 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 12 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 2 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | ||
Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 2 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | ||
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 5 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Fair Value of Investments in Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Securities available for sale, amortized cost | $ 311,788 | $ 375,494 |
Securities available for sale, unrealized gains | 10,871 | 4,360 |
Securities available for sale, unrealized losses | 136 | 659 |
Debt Securities, Available-for-sale, Total | 322,523 | 379,195 |
US Treasury Securities [Member] | ||
Securities available for sale, amortized cost | 9,998 | 14,992 |
Securities available for sale, unrealized gains | 0 | 0 |
Securities available for sale, unrealized losses | 0 | 5 |
Debt Securities, Available-for-sale, Total | 9,998 | 14,987 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, amortized cost | 51,382 | 126,829 |
Securities available for sale, unrealized gains | 2,088 | 1,504 |
Securities available for sale, unrealized losses | 32 | 219 |
Debt Securities, Available-for-sale, Total | 53,438 | 128,114 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 193,961 | 182,732 |
Securities available for sale, unrealized gains | 6,988 | 1,901 |
Securities available for sale, unrealized losses | 30 | 393 |
Debt Securities, Available-for-sale, Total | 200,919 | 184,240 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 44,935 | 41,427 |
Securities available for sale, unrealized gains | 1,751 | 769 |
Securities available for sale, unrealized losses | 6 | 42 |
Debt Securities, Available-for-sale, Total | 46,680 | 42,154 |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 11,512 | 9,514 |
Securities available for sale, unrealized gains | 44 | 186 |
Securities available for sale, unrealized losses | 68 | 0 |
Debt Securities, Available-for-sale, Total | $ 11,488 | $ 9,700 |
Note 3 - Securities - Cost of R
Note 3 - Securities - Cost of Restricted Stock (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Total restricted stock | $ 8,694 | $ 8,630 |
FRB Stock [Member] | ||
Total restricted stock | 6,437 | 6,415 |
FHLB Stock [Member] | ||
Total restricted stock | $ 2,257 | $ 2,215 |
Note 3 - Securities - Available
Note 3 - Securities - Available for Sale Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Total, fair value | $ 44,101 | $ 177,735 |
Total, unrealized loss | 136 | 659 |
Less than 12 months, fair value | 34,015 | 116,198 |
Less than 12 months, unrealized loss | 43 | 352 |
12 months or more, fair value | 10,086 | 61,537 |
12 months or more, unrealized loss | 93 | 307 |
US Treasury Securities [Member] | ||
Total, fair value | 9,998 | 14,987 |
Total, unrealized loss | 0 | 5 |
Less than 12 months, fair value | 9,998 | 14,987 |
Less than 12 months, unrealized loss | 0 | 5 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized loss | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Total, fair value | 14,468 | 69,095 |
Total, unrealized loss | 32 | 219 |
Less than 12 months, fair value | 13,013 | 31,779 |
Less than 12 months, unrealized loss | 7 | 44 |
12 months or more, fair value | 1,455 | 37,316 |
12 months or more, unrealized loss | 25 | 175 |
Collateralized Mortgage Backed Securities [Member] | ||
Total, fair value | 9,652 | 89,391 |
Total, unrealized loss | 30 | 393 |
Less than 12 months, fair value | 9,652 | 66,324 |
Less than 12 months, unrealized loss | 30 | 266 |
12 months or more, fair value | 0 | 23,067 |
12 months or more, unrealized loss | 0 | 127 |
US States and Political Subdivisions Debt Securities [Member] | ||
Total, fair value | 1,352 | 4,262 |
Total, unrealized loss | 6 | 42 |
Less than 12 months, fair value | 1,352 | 3,108 |
Less than 12 months, unrealized loss | 6 | 37 |
12 months or more, fair value | 0 | 1,154 |
12 months or more, unrealized loss | 0 | $ 5 |
Corporate Debt Securities [Member] | ||
Total, fair value | 8,631 | |
Total, unrealized loss | 68 | |
Less than 12 months, fair value | 0 | |
Less than 12 months, unrealized loss | 0 | |
12 months or more, fair value | 8,631 | |
12 months or more, unrealized loss | $ 68 |
Note 3 - Securities - Sale of S
Note 3 - Securities - Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Gross realized gains | $ 0 | $ 190 | $ 814 | $ 194 |
Gross realized losses | 0 | (54) | 0 | (54) |
Net realized gains | 0 | 136 | 814 | 140 |
Proceeds from sales of securities available for sale | $ 0 | $ 29,878 | $ 5,811 | $ 29,878 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | Aug. 01, 2020USD ($) | Jun. 30, 2019 | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Financing Receivable, Modifications, Number of Contracts | 3 | 0 | |||
Financing Receivable, Number of Customers With Payment Deferrals | 729 | ||||
Financing Receivable, Deferred Payments | $ 395,000,000 | ||||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,101,711,000 | $ 1,830,815,000 | |||
Mortgage Loans in Process of Foreclosure, Amount | 149,000 | 161,000 | |||
Real Estate Acquired Through Foreclosure | $ 237,000 | 285,000 | |||
Subsequent Event [Member] | |||||
Financing Receivable, Deferred Payments | $ 219,000,000 | ||||
Financing Receivable, Deferred Payments, Percentage of Portfolio | 10.40% | ||||
Number of Paycheck Protection Program Loans Originated Through the CARES Act | 2,200 | ||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act | $ 272,000,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 2 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,158,000 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 1,052,000 | ||||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 1,120,160,000 | 1,037,119,000 | |||
Financing Receivable, Percent of Portfolio | 14.40% | ||||
Commercial Real Estate Portfolio Segment [Member] | Hotel Loans [Member] | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 77,000,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | Restaurant Loans [Member] | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 46,000,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | Retail Loans [Member] | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 178,000,000 | ||||
Residential Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 405,639,000 | 443,738,000 | |||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 6,000 | ||||
Residential Portfolio Segment [Member] | Residential [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 82,000 | $ 207,000 | |||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 291,242,000 | $ 324,315,000 |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable, Net of Deferred Income, Total | $ 2,101,711 | $ 1,830,815 |
Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 566,859 | 339,077 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,120,160 | 1,037,119 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 141,392 | 137,920 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 978,768 | 899,199 |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 405,639 | 443,738 |
Residential Portfolio Segment [Member] | Residential [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 291,242 | 324,315 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 114,397 | 119,423 |
Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 9,053 | $ 10,881 |
Note 4 - Loans - Acquired Loans
Note 4 - Loans - Acquired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Outstanding principal balance | $ 316,531 | $ 393,618 |
Carrying amount | 301,811 | 377,130 |
Outstanding principal balance | 48,457 | 53,600 |
Carrying amount | $ 38,374 | $ 43,028 |
Note 4 - Loans - Accretable Yie
Note 4 - Loans - Accretable Yield on Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | ||
Balance | $ 7,893 | $ 4,633 | |
Additions from merger with HomeTown | 0 | 4,410 | |
Accretion | (1,696) | (3,304) | |
Reclassification from nonaccretable difference | 1,730 | 736 | |
Other changes, net* | [1] | 151 | 1,418 |
Balance | $ 8,078 | $ 7,893 | |
[1] | This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate acquired impaired loans, and discounted payoffs that occurred in the period. |
Note 4 - Loans - Past Due Loans
Note 4 - Loans - Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Past due | $ 4,157 | $ 4,626 |
90 days past due and still accruing | 375 | 361 |
Nonaccrual loans | 2,855 | 1,944 |
Current | 2,097,554 | 1,826,189 |
Loans and Leases Receivable, Net of Deferred Income, Total | 2,101,711 | 1,830,815 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 584 | 1,361 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 343 | 960 |
Commercial Portfolio Segment [Member] | ||
Past due | 292 | 1,397 |
90 days past due and still accruing | 13 | 52 |
Nonaccrual loans | 260 | 857 |
Current | 566,567 | 337,680 |
Loans and Leases Receivable, Net of Deferred Income, Total | 566,859 | 339,077 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 19 | 325 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 163 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,120,160 | 1,037,119 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Past due | 8 | 69 |
90 days past due and still accruing | 0 | 0 |
Nonaccrual loans | 8 | 11 |
Current | 141,384 | 137,851 |
Loans and Leases Receivable, Net of Deferred Income, Total | 141,392 | 137,920 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Past due | 1,962 | 925 |
90 days past due and still accruing | 212 | 0 |
Nonaccrual loans | 1,662 | 274 |
Current | 976,806 | 898,274 |
Loans and Leases Receivable, Net of Deferred Income, Total | 978,768 | 899,199 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction and Land Development [Member] | ||
Past due | 0 | 58 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Past due | 0 | 217 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction and Land Development [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Past due | 88 | 434 |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 405,639 | 443,738 |
Residential Portfolio Segment [Member] | Residential [Member] | ||
Past due | 1,327 | 1,866 |
90 days past due and still accruing | 125 | 282 |
Nonaccrual loans | 750 | 685 |
Current | 289,915 | 322,449 |
Loans and Leases Receivable, Net of Deferred Income, Total | 291,242 | 324,315 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Past due | 539 | 279 |
90 days past due and still accruing | 25 | 27 |
Nonaccrual loans | 174 | 113 |
Current | 113,858 | 119,144 |
Loans and Leases Receivable, Net of Deferred Income, Total | 114,397 | 119,423 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Residential [Member] | ||
Past due | 202 | 639 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Past due | 340 | 49 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Residential [Member] | ||
Past due | 250 | 260 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Past due | 0 | 90 |
Consumer Portfolio Segment [Member] | ||
Past due | 29 | 90 |
90 days past due and still accruing | 0 | 0 |
Nonaccrual loans | 1 | 4 |
Current | 9,024 | 10,791 |
Loans and Leases Receivable, Net of Deferred Income, Total | 9,053 | 10,881 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 23 | 73 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | $ 5 | $ 13 |
Note 4 - Loans - Impaired Loan
Note 4 - Loans - Impaired Loan Balances by Portfolio Segment (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Recorded investment, with no related allowance recorded | $ 2,563 | $ 1,203 |
Unpaid principal balance, with no related allowance recorded | 2,568 | 1,202 |
Average recorded investment, with no related allowance recorded | 1,761 | 1,137 |
Interest income recognized, with no related allowance recorded | 79 | 88 |
Recorded investment, with a related allowance recorded | 656 | 989 |
Unpaid principal balance, with a related allowance recorded | 651 | 984 |
Related allowance | 286 | 230 |
Average recorded investment, with a related allowance recorded | 998 | 416 |
Interest income recognized, with a related allowance recorded | 27 | 57 |
Recorded investment | 3,219 | 2,192 |
Unpaid principal balance | 3,219 | 2,186 |
Average recorded investment | 2,759 | 1,553 |
Interest income recognized | 106 | 145 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 49 |
Unpaid principal balance, with no related allowance recorded | 0 | 49 |
Average recorded investment, with no related allowance recorded | 33 | 16 |
Interest income recognized, with no related allowance recorded | 1 | 5 |
Recorded investment, with a related allowance recorded | 149 | 735 |
Unpaid principal balance, with a related allowance recorded | 144 | 730 |
Related allowance | 122 | 204 |
Average recorded investment, with a related allowance recorded | 574 | 191 |
Interest income recognized, with a related allowance recorded | 13 | 41 |
Recorded investment | 149 | 784 |
Unpaid principal balance | 144 | 779 |
Average recorded investment | 607 | 207 |
Interest income recognized | 14 | 46 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Recorded investment, with no related allowance recorded | 1,620 | 502 |
Unpaid principal balance, with no related allowance recorded | 1,617 | 500 |
Average recorded investment, with no related allowance recorded | 866 | 424 |
Interest income recognized, with no related allowance recorded | 53 | 39 |
Recorded investment, with a related allowance recorded | 259 | 0 |
Unpaid principal balance, with a related allowance recorded | 259 | 0 |
Related allowance | 138 | 0 |
Average recorded investment, with a related allowance recorded | 173 | 0 |
Interest income recognized, with a related allowance recorded | 8 | 0 |
Recorded investment | 1,879 | 502 |
Unpaid principal balance | 1,876 | 500 |
Average recorded investment | 1,039 | 424 |
Interest income recognized | 61 | 39 |
Residential Portfolio Segment [Member] | Residential [Member] | ||
Recorded investment, with no related allowance recorded | 900 | 611 |
Unpaid principal balance, with no related allowance recorded | 908 | 612 |
Average recorded investment, with no related allowance recorded | 821 | 652 |
Interest income recognized, with no related allowance recorded | 22 | 38 |
Recorded investment, with a related allowance recorded | 248 | 254 |
Unpaid principal balance, with a related allowance recorded | 248 | 254 |
Related allowance | 26 | 26 |
Average recorded investment, with a related allowance recorded | 251 | 225 |
Interest income recognized, with a related allowance recorded | 6 | 16 |
Recorded investment | 1,148 | 865 |
Unpaid principal balance | 1,156 | 866 |
Average recorded investment | 1,072 | 877 |
Interest income recognized | 28 | 54 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Recorded investment, with no related allowance recorded | 43 | 41 |
Unpaid principal balance, with no related allowance recorded | 43 | 41 |
Average recorded investment, with no related allowance recorded | 41 | 45 |
Interest income recognized, with no related allowance recorded | 3 | 6 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 43 | 41 |
Unpaid principal balance | 43 | 41 |
Average recorded investment | 41 | 45 |
Interest income recognized | 3 | 6 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | $ 0 | $ 0 |
Note 4 - Loans - Credit Risk Pr
Note 4 - Loans - Credit Risk Profile (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable, Net of Deferred Income, Total | $ 2,101,711 | $ 1,830,815 |
Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 566,859 | 339,077 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 559,180 | 328,488 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 6,604 | 8,710 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,025 | 1,144 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 50 | 735 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,120,160 | 1,037,119 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 141,392 | 137,920 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 978,768 | 899,199 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction and Land Development [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 135,124 | 130,694 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 942,737 | 860,615 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Construction and Land Development [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 3,014 | 4,133 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 16,370 | 22,117 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction and Land Development [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 3,254 | 3,093 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 19,661 | 16,467 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Construction and Land Development [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 405,639 | 443,738 |
Residential Portfolio Segment [Member] | Residential [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 291,242 | 324,315 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 114,397 | 119,423 |
Residential Portfolio Segment [Member] | Pass [Member] | Residential [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 283,239 | 316,454 |
Residential Portfolio Segment [Member] | Pass [Member] | Home Equity Line of Credit [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 113,882 | 118,960 |
Residential Portfolio Segment [Member] | Special Mention [Member] | Residential [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 4,586 | 4,370 |
Residential Portfolio Segment [Member] | Special Mention [Member] | Home Equity Line of Credit [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | Residential [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 3,417 | 3,491 |
Residential Portfolio Segment [Member] | Substandard [Member] | Home Equity Line of Credit [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 515 | 463 |
Residential Portfolio Segment [Member] | Doubtful [Member] | Residential [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Residential Portfolio Segment [Member] | Doubtful [Member] | Home Equity Line of Credit [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 9,053 | 10,881 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 9,052 | 10,877 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 1 | $ 4 |
Note 5 - Allowance for Loan L_3
Note 5 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments - Changes in Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Balance | $ 13,152 | $ 12,805 | $ 12,805 | ||||
Provision for loan losses | $ 4,759 | $ (10) | 5,712 | 6 | 456 | ||
Charge-offs | (549) | (123) | (333) | ||||
Recoveries | 192 | 98 | 224 | ||||
Balance | 18,507 | 12,786 | 18,507 | 12,786 | 13,152 | ||
Individually evaluated for impairment | $ 286 | $ 230 | |||||
Collectively evaluated for impairment | 17,969 | 12,684 | |||||
Allowance for loan losses | 18,507 | 12,786 | 13,152 | 12,786 | 12,805 | 18,507 | 13,152 |
Individually evaluated for impairment | 3,219 | 2,192 | |||||
Collectively evaluated for impairment | 2,060,118 | 1,785,595 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,101,711 | 1,830,815 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 238 | ||||||
Balance | 252 | 252 | 238 | ||||
Allowance for loan losses | 252 | 238 | 238 | 252 | 238 | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 38,374 | 43,028 | |||||
Unfunded Loan Commitment [Member] | |||||||
Balance, beginning of period | 329 | 217 | 217 | ||||
Provision for unfunded commitments | 12 | 99 | 112 | ||||
Balance, end of period | 341 | $ 316 | 341 | 316 | 329 | ||
Commercial Portfolio Segment [Member] | |||||||
Balance | 2,657 | 2,537 | 2,537 | ||||
Provision for loan losses | 967 | 119 | |||||
Charge-offs | (411) | (12) | |||||
Recoveries | 26 | 13 | |||||
Balance | 3,239 | 3,239 | 2,657 | ||||
Individually evaluated for impairment | 122 | 204 | |||||
Collectively evaluated for impairment | 3,097 | 2,448 | |||||
Allowance for loan losses | 3,239 | 3,239 | 2,537 | 2,537 | 3,239 | 2,657 | |
Individually evaluated for impairment | 149 | 784 | |||||
Collectively evaluated for impairment | 566,162 | 337,312 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 566,859 | 339,077 | |||||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 5 | ||||||
Balance | 20 | 20 | 5 | ||||
Allowance for loan losses | 20 | 5 | 5 | 20 | 5 | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 548 | 981 | |||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Balance | 7,416 | 7,246 | 7,246 | ||||
Provision for loan losses | 3,783 | 167 | |||||
Charge-offs | 0 | (6) | |||||
Recoveries | 58 | 9 | |||||
Balance | 11,257 | 11,257 | 7,416 | ||||
Individually evaluated for impairment | 138 | 0 | |||||
Collectively evaluated for impairment | 11,092 | 7,386 | |||||
Allowance for loan losses | 11,257 | 11,257 | 7,246 | 7,246 | 11,257 | 7,416 | |
Individually evaluated for impairment | 1,879 | 502 | |||||
Collectively evaluated for impairment | 1,088,707 | 1,004,296 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,120,160 | 1,037,119 | |||||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 30 | ||||||
Balance | 27 | 27 | 30 | ||||
Allowance for loan losses | 27 | 30 | 30 | 27 | 30 | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 29,574 | 32,321 | |||||
Residential Portfolio Segment [Member] | |||||||
Balance | 3,023 | 2,977 | 2,977 | ||||
Provision for loan losses | 942 | 58 | |||||
Charge-offs | (62) | (70) | |||||
Recoveries | 33 | 58 | |||||
Balance | 3,936 | 3,936 | 3,023 | ||||
Individually evaluated for impairment | 26 | 26 | |||||
Collectively evaluated for impairment | 3,705 | 2,794 | |||||
Allowance for loan losses | 3,936 | 3,936 | 2,977 | 2,977 | 3,936 | 3,023 | |
Individually evaluated for impairment | 1,191 | 906 | |||||
Collectively evaluated for impairment | 396,211 | 433,121 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 405,639 | 443,738 | |||||
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 203 | ||||||
Balance | 205 | 205 | 203 | ||||
Allowance for loan losses | 205 | 203 | 203 | 205 | 203 | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,237 | 9,711 | |||||
Consumer Portfolio Segment [Member] | |||||||
Balance | 56 | 45 | 45 | ||||
Provision for loan losses | 20 | 112 | |||||
Charge-offs | (76) | (245) | |||||
Recoveries | 75 | 144 | |||||
Balance | 75 | 75 | 56 | ||||
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 75 | 56 | |||||
Allowance for loan losses | 75 | 75 | $ 45 | 45 | 75 | 56 | |
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 9,038 | 10,866 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 9,053 | 10,881 | |||||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | 0 | ||||
Allowance for loan losses | $ 0 | $ 0 | $ 0 | 0 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 15 | $ 15 |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 1 Months Ended | |
Apr. 30, 2019 | Jul. 31, 2011 | |
MidCarolina Financial Corporation [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,556,000 | |
Finite-Lived Intangible Asset, Useful Life (Month) | 108 months | |
MainStreet BancShares, Inc and HomeTown Bankshares Corporation [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 10,039,000 | |
Finite-Lived Intangible Asset, Useful Life (Month) | 120 months |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Carrying Amount of Goodwill and Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill at December 31, 2019 | $ 84,002 | |||
Balance, intangibles | 7,728 | |||
Measurement period adjustments, goodwill | 1,046 | |||
Measurement period adjustments, intangibles | 0 | |||
Amortization, intangibles | $ (417) | $ (458) | (844) | $ (513) |
Impairment, goodwill | 0 | |||
Impairment, intangibles | 0 | |||
Goodwill at June 30, 2020 | 85,048 | $ 84,633 | 85,048 | $ 84,633 |
Balance, intangibles | $ 6,884 | $ 6,884 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Apr. 01, 2019 | Jan. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 4,924,000 | $ 5,340,000 | ||
Operating Lease, Liability, Total | $ 4,966,000 | $ 5,369,000 | ||
HomeTown Bankshares Corporation [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 1,816,000 | |||
Operating Lease, Liability, Total | $ 1,736,000 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 4,413,000 |
Note 7 - Leases - Lease Informa
Note 7 - Leases - Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Lease liabilities | $ 4,966 | $ 4,966 | $ 5,369 | ||
Right-of-use assets | $ 4,924 | $ 4,924 | $ 5,340 | ||
Weighted average remaining lease term (years) (Year) | 7 years 11 months 1 day | 7 years 11 months 1 day | 8 years 2 months 1 day | ||
Weighted average discount rate | 3.23% | 3.23% | 3.21% | ||
Operating lease cost | $ 249 | $ 283 | $ 499 | $ 494 | |
Short-term lease cost | 1 | 1 | 2 | 2 | |
Total lease cost | 250 | 284 | 501 | 496 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 243 | $ 274 | $ 485 | $ 483 |
Note 7 - Leases - Maturity of O
Note 7 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Six months ending December 31, 2020 | $ 473 | |
Twelve months ending December 31, 2021 | 943 | |
Twelve months ending December 31, 2022 | 920 | |
Twelve months ending December 31, 2023 | 817 | |
Twelve months ending December 31, 2024 | 499 | |
Twelve months ending December 31, 2025 | 473 | |
Thereafter | 1,549 | |
Total undiscounted cash flows | 5,674 | |
Discount | (708) | |
Lease liabilities | $ 4,966 | $ 5,369 |
Note 8 - Short-term Borrowing_2
Note 8 - Short-term Borrowings (Details Textual) - Federal Funds [Member] | Jun. 30, 2020USD ($) |
One Correspondent Bank [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 |
Second Correspondent Bank [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 |
Note 8 - Short-term Borrowing_3
Note 8 - Short-term Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Customer repurchase agreements | $ 46,296 | $ 40,475 |
Note 9 - Long-term Borrowings (
Note 9 - Long-term Borrowings (Details Textual) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 873,986,000 | |
Long-term Federal Home Loan Bank Advances, Total | 0 | $ 0 |
Public Deposit Accounts | 267,663,000 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 73,293,000 | |
FHLB Line of Credit [Member] | ||
Debt Instrument, Percentage of Assets | 30.00% | |
Letters of Credit Outstanding, Amount | $ 205,000,000 |
Note 10 - Subordinated Debt (De
Note 10 - Subordinated Debt (Details Textual) - USD ($) | Apr. 01, 2019 | Jun. 30, 2020 | Dec. 31, 2019 |
Subordinated Debt, Ending Balance | $ 7,508,000 | $ 7,517,000 | |
Subordinated Borrowing, Interest Rate | 6.75% | ||
Subordinated Debt [Member] | |||
Liabilities, Fair Value Adjustment | $ 8,000 | ||
HomeTown Bankshares Corporation [Member] | |||
Subordinated Debt, Ending Balance | $ 7,500,000 | ||
HomeTown Bankshares Corporation [Member] | Subordinated Debt [Member] | |||
Liabilities, Fair Value Adjustment | $ 30,000 |
Note 11 - Junior Subordinated_3
Note 11 - Junior Subordinated Debt (Details Textual) | Apr. 07, 2006USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 01, 2011USD ($) |
Proceeds from Issuance of Long-term Debt, Total | $ 20,000,000 | |||
Number of Consecutive Quarterly Periods for Deferral of Distributions on Trust Preferred Securities, Maximum | 20 | |||
Proceeds from Issuance of Common Stock | $ 619,000 | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 20,619,000 | |||
MidCarolina Trusts [Member] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 8,764,000 | |||
Equity Method Investments | $ 264,000 | |||
AMNB Statutory Trust I [Member] | ||||
Equity Method Investments | 619,000 | |||
MidCarolina Trust I [Member] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Fair Value Adjustment | 694,000 | $ 722,000 | 1,197,000 | |
MidCarolina Trust II [Member] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Fair Value Adjustment | $ 609,000 | $ 632,000 | $ 1,021,000 |
Note 11 - Junior Subordinated_4
Note 11 - Junior Subordinated Debt - Outstanding Payables (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | Apr. 07, 2006 | |
Principal amount | $ 20,619,000 | ||
Junior Subordinated Debt [Member] | |||
Principal amount | $ 28,080,000 | $ 28,029,000 | |
Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | |||
Principal amount | 20,619,000 | 20,619,000 | |
Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | |||
Principal amount | 4,461,000 | 4,433,000 | |
Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | |||
Principal amount | $ 3,000,000 | $ 2,977,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | |||
Interest rate | 1.35% | ||
London Interbank Offered Rate (LIBOR) [Member] | Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | |||
Interest rate | 3.45% | ||
London Interbank Offered Rate (LIBOR) [Member] | Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | |||
Interest rate | 2.95% |
Note 12 - Derivative Financia_3
Note 12 - Derivative Financial Instruments and Hedging Activities - Derivative Financial Instruments (Details) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Notional amount | $ 28,500 | $ 28,500 |
Positions | 3 | 3 |
Assets | $ 0 | $ 0 |
Liabilities | 5,616 | 2,658 |
Cash collateral pledged | $ 5,750 | $ 3,450 |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) | Apr. 01, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Feb. 20, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | $ 0 | ||||
Regular Quarterly Retainer of Vested Restricted Stock | 10,000 | |||||
Monthly Meeting Fees Director Could Receive in Cash | 800 | |||||
Monthly Meeting Fees Director Could Receive in Vested Restricted Stock | 1,000 | |||||
Restricted Stock [Member] | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Acquired in Period (in shares) | 40,753 | |||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,002,000 | $ 1,002,000 | $ 751,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months 29 days | |||||
Share-based Payment Arrangement, Expense | $ 409,000 | $ 585,000 | ||||
Restricted Stock [Member] | Director [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 412,000 | $ 318,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 13,704 | 8,793 | ||||
Restricted Stock [Member] | Cliff Vested [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 36 months | |||||
Restricted Stock [Member] | Vesting Each Year After Cliff Vesting [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 1.00% | |||||
The 2018 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 675,000 |
Note 13 - Stock Based Compens_4
Note 13 - Stock Based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 126 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | |
Outstanding, option shares (in shares) | 13,944 | ||||
Outstanding, weighted average exercise price (in dollars per share) | $ 16.63 | ||||
Granted, option shares (in shares) | 0 | 0 | |||
Granted, weighted average exercise price (in dollars per share) | $ 0 | ||||
Exercised, option shares (in shares) | (50) | (17,330) | (1,793) | (30,530) | |
Exercised, weighted average exercise price (in dollars per share) | $ 16.63 | ||||
Forfeited, option shares (in shares) | 0 | ||||
Forfeited, weighted average exercise price (in dollars per share) | $ 0 | ||||
Expired, option shares (in shares) | 0 | ||||
Expired, weighted average exercise price (in dollars per share) | $ 0 | ||||
Outstanding and exercisable, option shares (in shares) | 12,151 | 12,151 | 12,151 | ||
Outstanding and exercisable, weighted average exercise price (in dollars per share) | $ 16.63 | $ 16.63 | $ 16.63 | ||
Outstanding and exercisable, weighted average remaining contractual term (Year) | 4 years 5 months 19 days | ||||
Outstanding and exercisable, aggregate intrinsic value | $ 102 | $ 102 | $ 102 |
Note 13 - Stock Based Compens_5
Note 13 - Stock Based Compensation - Nonvested Restricted Stock Activity (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Nonvested, shares (in shares) | shares | 57,271 |
Nonvested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.84 |
Granted, shares (in shares) | shares | 19,327 |
Granted, weighted average grant date value per share (in dollars per share) | $ / shares | $ 37.26 |
Vested, shares (in shares) | shares | (18,580) |
Vested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.46 |
Forfeited, shares (in shares) | shares | (1,518) |
Forfeited, weighted average grant date value per share (in dollars per share) | $ / shares | $ 32.25 |
Nonvested, shares (in shares) | shares | 56,500 |
Nonvested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 35.86 |
Note 14 - Earnings Per Common_3
Note 14 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 0 | 0 |
Note 14 - Earnings Per Common_4
Note 14 - Earnings Per Common Share - Basic and Diluted Earnings Per Share (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic earnings (loss) per share (in shares) | 10,959,545 | 11,126,800 | 10,992,365 | 9,942,566 |
Basic earnings (loss) per share (in dollars per share) | $ 0.50 | $ (0.11) | $ 1.28 | $ 0.48 |
Effect of dilutive securities - stock options (in shares) | 3,703 | 0 | 4,914 | 9,549 |
Diluted earnings (loss) per share (in shares) | 10,963,248 | 11,126,800 | 10,997,279 | 9,952,115 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.50 | $ (0.11) | $ 1.28 | $ 0.48 |
Note 15 - Employee Benefit Pl_3
Note 15 - Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Service cost | $ 0 | $ 0 |
Interest cost | 76 | 58 |
Expected return on plan assets | (142) | (68) |
Recognized loss due to settlement | 60 | 19 |
Recognized net actuarial loss | 70 | 65 |
Net periodic cost | $ 64 | $ 74 |
Note 16 - Fair Value Measurem_3
Note 16 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Total | $ 322,523 | $ 379,195 |
Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Note 16 - Fair Value Measurem_4
Note 16 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Securities available for sale | $ 322,523 | $ 379,195 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
US Treasury Securities [Member] | ||
Securities available for sale | 9,998 | 14,987 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale | 53,438 | 128,114 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 46,680 | 42,154 |
Corporate Debt Securities [Member] | ||
Securities available for sale | 11,488 | 9,700 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 322,523 | 379,195 |
Fair Value, Recurring [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 5,616 | 2,658 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 322,523 | 379,195 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 5,616 | 2,658 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale | 9,998 | 14,987 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 9,998 | 14,987 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale | 53,438 | 128,114 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 53,438 | 128,114 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Securities available for sale | 200,919 | 184,240 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 200,919 | 184,240 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 46,680 | 42,154 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 46,680 | 42,154 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale | 11,488 | 9,700 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 11,488 | 9,700 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 16 - Fair Value Measurem_5
Note 16 - Fair Value Measurements - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Impaired loans, net of valuation allowance | $ 370 | $ 759 |
Other real estate owned, net | 984 | 1,308 |
Repossessions | 362 | |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans, net of valuation allowance | 0 | 0 |
Other real estate owned, net | 0 | |
Repossessions | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans, net of valuation allowance | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Repossessions | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, net of valuation allowance | 370 | 759 |
Other real estate owned, net | 984 | $ 1,308 |
Repossessions | $ 362 |
Note 16 - Fair Value Measurem_6
Note 16 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Measurement Input, Discount Rate [Member] | Jun. 30, 2020 | [1] |
Valuation Technique, Discounted Appraisal Value [Member] | ||
Impaired loans | 0.0800 | |
Other real estate owned, net | 0.0800 | |
Valuation Technique, Discounted Cash Flow [Member] | ||
Impaired loans | 0.0512 | |
Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | ||
Impaired loans | 0.0350 | |
Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Impaired loans | 0.0980 | |
[1] | Unobservable inputs were weighted by the relative fair value of the impaired loans. |
Note 16 - Fair Value Measurem_7
Note 16 - Fair Value Measurements - Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Securities available for sale | $ 322,523 | $ 379,195 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 251,605 | 79,582 |
Securities available for sale | 322,523 | 379,195 |
Restricted stock | 8,694 | 8,630 |
Loans held for sale | 2,845 | 2,027 |
Loans, net of allowance | 2,083,204 | 1,817,663 |
Bank owned life insurance | 28,122 | 27,817 |
Accrued interest receivable | 8,921 | 6,625 |
Deposits | 2,431,776 | 2,060,547 |
Repurchase agreements | 46,296 | 40,475 |
Subordinated debt | 7,517 | |
Accrued interest payable | 1,004 | 1,213 |
Derivative - cash flow hedges | 5,616 | 2,658 |
Reported Value Measurement [Member] | Subordinated Debt [Member] | ||
Subordinated debt | 7,508 | |
Reported Value Measurement [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | 28,080 | 28,029 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 251,605 | 79,582 |
Securities available for sale | 322,523 | 379,195 |
Restricted stock | 8,694 | 8,630 |
Loans held for sale | 2,845 | 2,027 |
Loans, net of allowance | 2,072,726 | 1,818,655 |
Bank owned life insurance | 28,122 | 27,817 |
Accrued interest receivable | 8,921 | 6,625 |
Deposits | 2,436,267 | 2,062,823 |
Repurchase agreements | 46,296 | 40,475 |
Subordinated debt | 8,525 | |
Accrued interest payable | 1,004 | 1,213 |
Derivative - cash flow hedges | 5,616 | 2,658 |
Estimate of Fair Value Measurement [Member] | Subordinated Debt [Member] | ||
Subordinated debt | 7,545 | |
Estimate of Fair Value Measurement [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | 18,712 | 22,697 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 251,605 | 79,582 |
Securities available for sale | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Subordinated debt | 0 | |
Accrued interest payable | 0 | 0 |
Derivative - cash flow hedges | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Subordinated Debt [Member] | ||
Subordinated debt | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 322,523 | 379,195 |
Restricted stock | 8,694 | 8,630 |
Loans held for sale | 2,845 | 2,027 |
Loans, net of allowance | 0 | 0 |
Bank owned life insurance | 28,122 | 27,817 |
Accrued interest receivable | 8,921 | 6,625 |
Deposits | 2,436,267 | 2,062,823 |
Repurchase agreements | 46,296 | 40,475 |
Subordinated debt | 8,525 | |
Accrued interest payable | 1,004 | 1,213 |
Derivative - cash flow hedges | 5,616 | 2,658 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debt [Member] | ||
Subordinated debt | 7,545 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance | 2,072,726 | 1,818,655 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Subordinated debt | 0 | |
Accrued interest payable | 0 | 0 |
Derivative - cash flow hedges | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Subordinated Debt [Member] | ||
Subordinated debt | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | $ 18,712 | $ 22,697 |
Note 17 - Segment and Related_3
Note 17 - Segment and Related Information (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Reportable Segments | 2 |
Note 17 - Segment and Related_4
Note 17 - Segment and Related Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Interest income | $ 23,297 | $ 25,211 | $ 47,163 | $ 43,307 | |
Interest expense | 3,037 | 4,222 | 6,984 | 7,250 | |
Total noninterest income | 3,835 | 3,682 | 8,330 | 7,133 | |
Income before income taxes | 6,904 | (1,635) | 17,031 | 5,939 | |
Net income (loss) | 5,482 | (1,230) | 14,024 | 4,773 | |
Depreciation and amortization | 941 | 1,011 | 1,889 | 1,471 | |
Total assets | 2,864,539 | 2,418,082 | 2,864,539 | 2,418,082 | $ 2,478,550 |
Goodwill | 85,048 | 84,633 | 85,048 | 84,633 | $ 84,002 |
Capital expenditures | 463 | 906 | 1,370 | 1,299 | |
Community Banking [Member] | Operating Segments [Member] | |||||
Interest income | 23,297 | 25,211 | 47,163 | 43,307 | |
Interest expense | 3,037 | 4,222 | 6,984 | 7,250 | |
Total noninterest income | 2,710 | 2,563 | 5,982 | 4,953 | |
Income before income taxes | 6,321 | (2,194) | 15,838 | 4,900 | |
Net income (loss) | 5,019 | (1,685) | 13,046 | 3,938 | |
Depreciation and amortization | 938 | 1,009 | 1,883 | 1,467 | |
Total assets | 2,864,361 | 2,418,061 | 2,864,361 | 2,418,061 | |
Goodwill | 85,048 | 84,633 | 85,048 | 84,633 | |
Capital expenditures | 463 | 906 | 1,366 | 1,292 | |
Trust and Investment Services [Member] | Operating Segments [Member] | |||||
Interest income | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total noninterest income | 1,125 | 1,119 | 2,348 | 2,180 | |
Income before income taxes | 583 | 559 | 1,193 | 1,039 | |
Net income (loss) | 463 | 455 | 978 | 835 | |
Depreciation and amortization | 3 | 2 | 6 | 4 | |
Total assets | 178 | 21 | 178 | 21 | |
Goodwill | 0 | 0 | 0 | 0 | |
Capital expenditures | $ 0 | $ 0 | $ 4 | $ 7 |
Note 18 - Supplemental Cash F_3
Note 18 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash and due from banks | $ 44,607 | $ 34,460 |
Interest-bearing deposits in other banks | 206,998 | 20,454 |
Cash and Cash Equivalents | 251,605 | 54,914 |
Interest on deposits and borrowed funds | 7,193 | 6,583 |
Income taxes | 4,036 | 1,532 |
Transfer of loans to other real estate owned | 47 | 181 |
Transfer of loans to repossessions | 362 | 0 |
Transfer from premises and equipment to other assets | 0 | 445 |
Increase in operating lease right-of-use asset | 0 | 4,413 |
Increase in operating lease liability | 0 | 4,413 |
Unrealized gains on securities available for sale | 7,034 | 7,935 |
Unrealized losses on cash flow hedges | (2,958) | (1,811) |
Assets acquired: | ||
Investment securities | 0 | 34,876 |
Restricted stock | 0 | 2,588 |
Loans | 0 | 444,324 |
Premises and equipment | 0 | 12,554 |
Deferred income taxes | 0 | 2,329 |
Core deposit intangible | 0 | 8,200 |
Other real estate owned | 0 | 1,442 |
Bank owned life insurance | 0 | 8,246 |
Other assets | 0 | 14,244 |
Liabilities assumed: | ||
Deposits | 0 | 483,626 |
Short-term FHLB advances | 0 | 14,883 |
Long-term FHLB advances | 0 | 778 |
Subordinated debt | 0 | 7,530 |
Other liabilities | 0 | 5,780 |
Consideration: | ||
Issuance of common stock | 0 | 82,470 |
Fair value of replacement stock options/restricted stock | $ 0 | $ 753 |
Note 19 - Accumulated Other C_3
Note 19 - Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 323,293 | $ 229,473 | $ 320,258 | $ 222,542 |
Balance | 327,433 | 311,917 | 327,433 | 311,917 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Balance | 7,117 | (896) | 2,902 | (3,973) |
Net unrealized gains (losses) on securities available for sale, net of tax | 1,301 | 3,186 | 6,154 | 6,266 |
Reclassification adjustment for realized gains on securities, net of tax | (105) | (638) | (108) | |
Net unrealized losses on cash flow hedges, net of tax | 0 | 0 | 0 | 0 |
Balance | 8,418 | 2,185 | 8,418 | 2,185 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | (4,302) | (1,187) | (2,084) | (624) |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 | 0 |
Reclassification adjustment for realized gains on securities, net of tax | 0 | 0 | 0 | |
Net unrealized losses on cash flow hedges, net of tax | (101) | (843) | (2,319) | (1,406) |
Balance | (4,403) | (2,030) | (4,403) | (2,030) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | (1,301) | (1,238) | (1,301) | (1,238) |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 | 0 |
Reclassification adjustment for realized gains on securities, net of tax | 0 | 0 | 0 | |
Net unrealized losses on cash flow hedges, net of tax | 0 | 0 | 0 | 0 |
Balance | (1,301) | (1,238) | (1,301) | (1,238) |
AOCI Attributable to Parent [Member] | ||||
Balance | 1,514 | (3,321) | (483) | (5,835) |
Net unrealized gains (losses) on securities available for sale, net of tax | 1,301 | 3,186 | 6,154 | 6,266 |
Reclassification adjustment for realized gains on securities, net of tax | (105) | (638) | (108) | |
Net unrealized losses on cash flow hedges, net of tax | (101) | (843) | (2,319) | (1,406) |
Balance | $ 2,714 | $ (1,083) | $ 2,714 | $ (1,083) |
Note 19 - Accumulated Other C_4
Note 19 - Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net unrealized gains (losses) on securities available for sale, tax | $ 358 | $ 920 | $ 1,694 | $ 1,809 |
Reclassification adjustment for realized gains on securities, tax | 0 | (31) | (176) | (32) |
Unrealized losses on cash flow hedges, tax | (28) | (243) | (639) | (405) |
Unrealized losses on cash flow hedges, tax | $ (28) | $ (243) | $ (639) | $ (405) |
Note 19 - Accumulated Other C_5
Note 19 - Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Realized gains on sales and calls of securities | $ 0 | $ 147 | $ 814 | $ 470 |
Income taxes | 1,422 | (405) | 3,007 | 1,166 |
Total reclassifications | 5,482 | (1,230) | 14,024 | 4,773 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Realized gains on sales and calls of securities | 136 | 814 | 140 | |
Total reclassifications | 0 | 105 | 638 | 108 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Realized gains on sales and calls of securities | 0 | |||
Income taxes | $ 0 | $ (31) | $ (176) | $ (32) |